How to tell if you will get the marriage penalty at tax time
by paigecarter - Saturday, December 27 2014, 01:53 AM
  Newlyweds and already-weds should be familiar with the marriage penalty, where the tax implications of legal marriage mean paying more. Who will pay it changes year-to-year, due to changing tax codes, but there are ways to determine if that's coming down the pike. Article source: bad credit personal loans not payday loans onlineNewlyweds cope with marriage penalty

People who are looking at tying the knot, jumping the broom, getting married in a fever, hotter than a pepper sprout, should know about something called the “marriage penalty.” The marriage penalty is not so much an actual punishment for a wrong, rather a tax implication of marriage.

With combined incomes, it looks like a couple makes quite a bit more money. That means that couples are in a higher tax bracket and end up having to pay more in taxes. Married people may owe cash instead of getting a refund for this reason.

Part of fiscal cliff

With part of the fiscal cliff changes this year, the marriage penalty will really be seen more this year than it has in the past, according to Yahoo Finance. A number of people, such as the very wealthy and the poor working class, will be feeling the penalty.

Certainly, everybody who gets the marriage penalty will complain over it despite the truth that it does not impact the large population of prosperous very much. A lot of people who get the marriage penalty make well over $200,000, so it really should not affect them that much.

A marriage penalty of $1,000 will hit a couple where the wife makes $10,000 a year and the spouse makes $30,000 a year if they have two kids under the age of 13, according to NBC News. A couple where one wife makes $20,000 and the other makes $100,000 will not incur a penalty though, according to NBC News. That means that lower-income couples may occasionally get the penalty.

Way to find out

Luckily, the Tax Policy Center has the back of couples who are pondering about the marriage penalty, given the modifications in tax codes. Quite frankly, the modifications involving tax rates, brackets and so forth are so complex that it would give aspirin a headache, which is why, according to NBC News, the Tax Policy Center has launched a marriage penalty calculator tool on the TPC website. Newlyweds or already-weds wondering if tax code modifications will stick them with the marriage penalty should check it out.

SourcesNBC NewsYahoo FinanceTax Policy Center Marriage Penalty Calculator
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