Tuesday, August 24, 2010

Will getting married in December cause me to lose my tax return if my fiance makes a lot?

My fiance makes 60K+ a year. Will that cause me to lose my tax return, filing separately OR together?Will getting married in December cause me to lose my tax return if my fiance makes a lot?
Yes he will!


Also if he has bad credit it will go on you or vice versa!


File separately!Will getting married in December cause me to lose my tax return if my fiance makes a lot?
Yes, you will lose it unless you file seperately. What matters most is the date you are married. If possible, get married in Jan. and save yourself the trouble. And, if you have kids, getting married will have a penalty. You will lose EIC regardless of how you file, seperately or together, and if you claim head of household your withholding for that will go down as well.
If your fiance makes considerably more money than you she is taxed at a higher marginal rate on the last dollar. By filing a joint return, you will dilute her high tax income with your low tax income resulting in a lower overall tax bill for you as a couple. Look at the tax liability and ignore the refund. Refunds are just what you overpaid.
If you have children and your income is $35K or less, your refund may be less if you marry. However, your fiance may benefit from a joint return, especially if you have children.





You and he may want to do your returns now to see the tax impact of getting married before the end of the year.






It could, but not necessarily - it depends on circumstances you don't state in your question.





If for example, you have been getting EIC, you won't be eligible any more for that, whether you file separately or a joint return.





And by the way, it's a reFUND, not a reTURN.
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