Pro: Double Deduction When Filing Taxes
Ah, the joys of the standard deduction! Once you settle down and marry your partner, if you decide to file jointly, you can claim double the standard deduction amount on taxes!
Keep in mind that this came up to $24,400 in 2019, meaning that couples could claim $400 more than in 2018. If you were single, or if you decided to file separately despite your marital status, then the standard deduction was $12,200 for 2019.
But there’s also the dreaded ‘marriage penalty’ you have to look out for, in which you and your spouse would pay more income tax filing as a married couple than you would if you filed individually.
1 thought on “Is Getting Married the Most Financially Responsible Move?”
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