Stretch your Dollar: Filing taxes as newlyweds

Stretch Your Dollar

(WTNH) — If you got married at any point last year, there will be some changes to the way you file your taxes this year. We are stretching your dollar with more on when it’s the best time to file jointly.

It’s exciting to be a newlywed, but one of the least romantic changes is filing taxes. If the wedding was in January, June or on December 31st, the IRS considers you married for the entire year.

Tax practitioner Isaac Mcrae says couples should research how to file, especially if spouses don’t make the same amount of money.

“In some cases, you may have a high-income spouse and a low-income spouse. It would be more beneficial for you to file jointly because you’ll be able to absorb the higher income spouse’s income at a lower tax rate,” said Isaac Mcrae, National Association Of Enrolled Agents. 

But if you or your partner has past tax debt or a default on federal student loans, you may want to file separately.

“When you file jointly, whatever is on that tax return becomes your problem, yes. However, any past tax issues are not your problem when you file jointly. Anything that you did prior to you becoming married or filing, are their own separate issues,” said Mcrae. 

Those past issues could cut into a joint refund if you are entitled to one.

All couples bring something different to the table which is why it’s better to consult a tax professional about the best way for you to file.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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