- quote -

No, you can also file as married filing seperately. You
cannot file as single.

- quote -

Probably, but it is not likely to break the bank.

- quote -

Have a child before January 1. Of course you cannot control
that at this point. But you can the wedding date. I was
married on January 2.

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- quote -

Your status (married or single) is determined at the end of
the tax year. If you're married on December 31, you're
considered to be married for the entire tax year. That means
you file married joint, or you can both choose to file
married filing separately. In that case either you both
itemize, or you both don't.

- quote -

With those incomes, perhaps. One way to find out is to go
ahead and work up your taxes both ways and see how it comes
out.

- quote -

If you are going to get hit for more taxes than expected,
you can always bump up your withholding until the end of the
year to make up any shortfall.

--
John D. Goulden

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jredmond33[at]gmail.com wrote:

- quote -

Your choices will be married filing a joint return or
married filing separate returns.

- quote -

If you mean will you pay more total taxes, the answer is
maybe. Someone would have to run the numbers after obtaining
much more detailed information about your financial lives.

- quote -

Get married on or after January 1, 2007 to defer the impact
of any "marriage penalty" for a year.

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jredmond33[at]gmail.com wrote:

- quote -

Yes, marital status as of Dec 31st is all that matters.

- quote -

Not enough information. While standard deduction and
exemptions will be exactly double, and I figure you will
both be in 25% tax bracket either way, your (meaning you,
the homeowner) itemized deductions (mortgage, prop tax, etc)
might be more valuable filing single than MFJ. Do either of
you have children? Lots of factors can change the
calculation, such as phase-outs and limitations on your
higher income as a single filer that may go away when you
are married. The simplest thing is use 2005 tax software to
run estimated numbers both ways.

- quote -

Nothing I can think of, other than running estimated numbers
on married filing separately. Actually, unless you have the
option of postponing the wedding, you might as well wait
until 2007 filing period and use 2006 software and/or forms
to figure whether MFJ or MFS is better.

- quote -

I'd like to better appreciate this, but I don't get it.
Chicago is in Cook County, why would your M-I-L be ticked
off or unticked either way?

-Mark Bole

Moderator:
A Lake County Judge does not have the authority to marry
people in Cook County. Plus you have not heard judgemental
yankee-ism until you have spent an evening with my M-I-L.

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jredmond33[at]gmail.com posted:

- quote -

Well, I know nothing about NY tax law, except the pretty
well-established rumor that it is "expensive."

- quote -

Once you're married, you are _married_ -- and your choices
are limited to MFJ (Married Filing Jointly) or MFS (Married
Filing Separately). You cannot "unring" that wedding bell,
and if it happens before midnight, Dec 31, it applies to the
full tax year.

- quote -

Well, that depends on a lot of things. But generally
speaking, your combined income will likely land you in the
25% marginal tax bracket, which is where you both _probably_
were while filing single (presumed from the info on income
you provided). So, no penalty there.

Ditto for a lot of standard tax deductions, credits, etc. --
which were "fixed" when the "marriage penalty" was removed,
or at least softened, a few years ago.

- quote -

The Moderator pointed out that you can postpone the wedding
(or use "fake" stand-ins to delay the actual legal event)
.... but otherwise, my first comment pretty much holds: Once
married, you're _married_, for tax purposes.

Btw, MFS has a lot of restrictions and some very real
_penalties_, so while it is rarely desirable <emphasize
rarely> , many options are either prohibited or restricted.
But software often offers easy comparisons (TaxWise, for
example, has a running comparison which can be checked to
verify which alternative is better), so it shouldn't be too
difficult to verify you're making the best choice.

Hopefully, the _bliss_ will offset all other considerations.
<smile
Bill

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<jredmond33[at]gmail.com> wrote

- quote -

Your only options are Married Filing Jountly, or Married
Filing Separately. MFJ generally results in a lower overall
tax. But it might be worht hte extra effort to compute them
each way (that means preparing three sets of returns (MFJ -
both of you; MFS - you; MFS - her) and see what results in
the lower tax. Remember to look at the state impact as
well.

There are some software packages that help in this regard,
making the split as simple as hitting a key (if the data is
entered correctly).

- quote -

Not from the IRS.

- quote -

Wait till January, but you probably have too much money tied
up in the December date to change it now.

- quote -

**Jokes about being "sentenced" are reserved till another time**

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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jredmond33[at]gmail.com wrote:

- quote -

Your options are limited to Married Filing Joint or Married
Filing Separate, but not Single.

- quote -

Depends on what you mean by "penalize". There is no actual
IRS penalty, but you may find (depending on your
circumstances) that you pay more tax filing MFJ than two
individuals with the same income ("marriage penalty"). Not
much you can do about it until the tax laws are changed in
your favor (and to the disadvantage of single taxpayers).

- quote -

Nothing comes to mind.

- quote -


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<jredmond33[at]gmail.com> wrote:

- quote -

If you are married you cannot file as Single. Your choices
are Married filing joijntly or Married filing Separately.

- quote -

Not necessarily. And if your income are not too close, you
could be better off.

- quote -

If there is a penalty so be it.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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- quote -

You can file either MFJ or MFS (Married Filing Separately),
which ever works out best for you.

- quote -

Generally MFJ is more beneficial than MFS. Postponing the
wedding until January may save you something in taxes,
especially if you could itemize and she takes the standard
deduction,

By this time I asssume the invitations are printed, the hall
is rented, and she has told all her friends. Upsetting
those plans by changing the wedding date based on tax
considerations will not considered a romantic gesture.
Enjoy.

--
Don EA in Upstate NY

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Ok. I just bought a house in March, 2006. I am getting
married on December 29, 2006. She makes 55K and I make 70K.
We live in NY State.

Here are my questions:

1. Are we required to file jointly getting married this late
in the year?
2. Will we be penalized for getting married and filing
jointly?
3. If we are to be penalized, is there anything that I can
do to off set this penalty?

Thanks,
Jeremy

Moderator:
Have a ficticious wedding by an actor or get married in
January. I recommended the first. Susan and I were
married in Chicago by a Lake County Judge. Really ticked
her mother off until we told her we were married in his
chambers the day before.

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