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4 Bumps

Married and taxes

Ok I have a married friend saying that now that she is married her tax refund isn't much. Like before they were able to pay for their wedding now its not enough for a toothbrush (lol)...someone else said it is not a lot. IDK I am single so I dont get it....sorry if I sound like a blonde. I'm not lol

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Jazmineamomma

Asked by Jazmineamomma at 8:15 PM on Dec. 29, 2010 in Money & Work

Level 18 (5,231 Credits)
Answers (8)
  • It all depends on their income rather than if they are single or married. For example, a single mom who makes $24,000 a year will get more back with the child tax credit and the Earned Income Credit than a married couple whose combined income is $48,000. However, a single person who makes $48,000 will pay more in taxes than a married couple whose income is the same.

    JeremysMom

    Answer by JeremysMom at 8:19 PM on Dec. 29, 2010

  • it depends on how much they make. If they claim a lot of exemptions, etc. Tax Returns isn't free money, its getting back what is owed to you, so if you aren't owed much because you claimed a bunch of exemptions, thats what happens. Claiming exemptions is basically taking away from what you would get in a lump sum in tax season and spreading it through each pay check.

    Even a single person who claims a bunch of exemptions could get nothing or owe, just depends on how you do each year.

    But in general the Married couples have more tax benefits than any other filing status.
    DomoniqueWS

    Answer by DomoniqueWS at 8:27 PM on Dec. 29, 2010

  • see that is what i was thinking. I am sick of hearing married folks always saying I am soo poor. I am like well there are two of you...make it work!!!
    Jazmineamomma

    Comment by Jazmineamomma (original poster) at 8:56 PM on Dec. 29, 2010

  • There are so many variables that play into the situation that it's ridiculous of her to blame it simply on her newly "married" status.
    Anonymous

    Answer by Anonymous at 7:40 AM on Dec. 30, 2010

  • I think Jeremy's mom hit the nail on the head. They probably make more money combined so their tax bracket could go up and the could lose out on some credits. But generally comparing a single person that makes the same as a married couple- the married couple will pay less in taxes.
    Erica_Smerica

    Answer by Erica_Smerica at 8:03 AM on Dec. 30, 2010

  • If she wasn't working before, and he was, then getting married will normally reduce thier overall tax liability.
    But if she worked before, and so did he(and both still do), chances are, getting married will increase thier overall tax liability.
    Candi1024

    Answer by Candi1024 at 11:32 AM on Dec. 30, 2010

  • Like some of the others said it depends on a lot of things income, whether they have a mortgage, whether they have children and other deductions.
    HotMama330

    Answer by HotMama330 at 12:05 PM on Dec. 30, 2010

  • oh okay yeah they have kids and mortage...thanks for the answers :D
    Jazmineamomma

    Comment by Jazmineamomma (original poster) at 1:38 PM on Dec. 30, 2010

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