Con: Tax Bracket Changes
It’s not impossible for one of you to lose your job. In 2020, plenty of households have been through this issue, which meant that they relied solely on one income. In that sense, getting married is great. Also, we’ve listed a lot of tax benefits to getting married, but there are also tax setbacks.
You might get a higher tax bill with your joint income. So while filing jointly might be a great option for some, there are benefits to filing separately, too, such as separating your tax liability or scoring a significant itemized deduction that the other spouse can’t take.
Also, consider the fact that one spouse may have debts subject to a refund seizure or an income-based payment plan. Here, we’re also listing student loans.
So getting married gives you the option to file jointly, but that doesn’t mean it’s always a great option for you. So consider your options carefully, and talk to a professional about the best financial outcome for both of you.
1 thought on “Is Getting Married the Most Financially Responsible Move?”
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