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Tax Implications -- Part
III
There are definite tax consequences that go along with saying "I do." In this section we will discuss the basics of how to file your tax return now that you're married and the marriage tax penalty.
How do I file my tax return now that I'm married?
If you're married, you have the option of filing a joint return with your spouse or filing on your own. Consider your particular circumstance before making this decision because your choice can have serious tax implications.
Marriage penalty
The marriage penalty has been a subject of much controversy among policymakers as of late. As it stands, the tax that most couples in the United States owe is more than the sum of what each spouse would have owed if they were single. More specifically, for couples whose income levels are split more evenly than 70/30, marriage has adverse tax consequences – even when it comes to retirement accounts.
For more information on the history and current status of the marriage penalty,
read the Joint
Committee on Taxation's 1999 report.
Continue to: Part IV: Legal issues
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