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re: Does Anyone Else Suffer from Marriage Penalty?
Posted on 1/8/16 at 11:46 am to Red Stick Tigress
Posted on 1/8/16 at 11:46 am to Red Stick Tigress
No fault divorces take 6 months assuming there are no minor children of the marriage. Maybe every year they agreed one of them got to commit adultery and then they filed a fault based divorce with no waiting period. That is unlikely, but your blanket statement of divorces taking 6 months is not accurate.
1
Posted on 1/8/16 at 11:53 am to yellowfin
Me too
Posted on 1/8/16 at 11:54 am to tigersfirst
Wouldn't they just stay divorced instead?
Posted on 1/8/16 at 11:56 am to schexyoung
quote:
A married couple has the option to file separately. It would most likely be disadvantageous for them, but people are ignorant.
In your unsourced non-specific example, there are more cases where the credit gets to be favorably applied against another spouses income, where without marriage it wouldn't.
While I do my own taxes every year just using the forms from the IRS (no Turbo Tax), I am not married. So I am only going off what I recall from a class over a decade a go. You sound like you probably deal with taxes more than I do. I just recall marriage penalty being an issue.
Posted on 1/8/16 at 11:57 am to Napoleon
quote:
Sometimes teachers tell stories that aren't exactly true.
He may have made it up, but more likely I misremember the details significantly. It was 12 years ago, after all. While I always paid close attention in class (meant I didn't have to study nearly so much) and have an excellent memory, I very likely got this story wrong.
Posted on 1/8/16 at 12:01 pm to LeonPhelps
It's a crunchy feeling when people point out gullibility.
Posted on 1/8/16 at 12:13 pm to schexyoung
quote:
A married couple has the option to file separately. It would most likely be disadvantageous for them, but people are ignorant.
In your unsourced non-specific example, there are more cases where the credit gets to be favorably applied against another spouses income, where without marriage it wouldn't.
There is a marriage bonus and a marriage penalty. The marriage penalty applies when the married couple makes similar amounts of money. The bonus applies when they make drastically different amounts. At a certain point, though, the government says, "frick it, you make a lot of money. You'll be treated as if you both make the same amount." Despite the fact that my wife makes over $100k more than me. Yes, Boohoo.
In any case, you can Google it just as easily as I can. Filing separately does frick all for it.
This post was edited on 1/8/16 at 12:16 pm
Posted on 1/8/16 at 12:16 pm to TheDeathValley
quote:
I have no idea what that is, but will I have to pay it if my salary is triple hers?
No, you'll probably get a marriage bonus.
Posted on 1/8/16 at 12:35 pm to LoveThatMoney
Based on those numbers, it sounds like a pretty minor thing to gripe about.
Posted on 1/8/16 at 12:37 pm to LoveThatMoney
Posted on 1/8/16 at 12:42 pm to swampdawg
quote:
Based on those numbers, it sounds like a pretty minor thing to gripe about
Sure. I suppose. But how would you feel if the federal government was taking an extra $20,000 out of your pocket every year, not because of your tax bracket, but because the code is a mess?
Posted on 1/8/16 at 12:45 pm to LoveThatMoney
I think there will be a time when more & more people decide to not get legally married. Other than insurance purposes, if thats not an issue, whats the point of getting legally hitched?
Posted on 1/8/16 at 12:55 pm to OweO
quote:
I think there will be a time when more & more people decide to not get legally married. Other than insurance purposes, if thats not an issue, whats the point of getting legally hitched?
It's typically the single best wealth building institution in America. I don't know all the ins and outs, but from a practical standpoint, even without the whole emotional spectrum getting involved, married couples make more money and build wealth more easily.
That's my understanding.
Posted on 1/8/16 at 1:01 pm to LoveThatMoney
quote:
It's typically the single best wealth building institution in America. I don't know all the ins and outs, but from a practical standpoint, even without the whole emotional spectrum getting involved, married couples make more money and build wealth more easily.
That's my understanding.
You can still build wealth together. If you are married a divorce could make a complex situation out of the wealth built together,
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