Questions tagged [marriage]

For questions related to marital issues, e.g. filing jointly, sharing finances, etc. For tax questions, please add a relevant country or regional tag as well.

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2
votes
1answer
507 views

Capital Gains Tax allowance sharing for married couples

A husband owns a flat (mortgaged). He is selling it after marrying earlier in the year. Some capital gains tax will be payable as he no longer lives there - the couple moved into a larger place ...
3
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4answers
525 views

Marrying your platonic friend for state benefits

I've seen this in various places, and I was wondering what are the benefits, both financial or non economic related, of marriage, especially one with a pre-nup? I'm not intending on doing it, but I'm ...
2
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2answers
247 views

How do you show that "you did not live with your spouse at any time during the year"?

My wife and I will be filing separate tax returns this year. Since I made more than $10,000 modified AGI during 2020, this would normally mean I am ineligible to contribute to a Roth IRA. However, due ...
1
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1answer
2k views

How do spouses living in different states file taxes?

My fiancee and I are thinking about getting married this year. Currently, we live together in California. My fiancee is going to attend law school in August of this year, in Washington DC. I will ...
2
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0answers
106 views

Tax implications when paying all-cash for real estate that is under your unmarried partner's name?

When buying real estate, title company usually asks how title should be formed. So had few questions when buying property together (or for) partner with whom you are not married, but have been living ...
28
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10answers
3k views

Which practice to keep finances after getting married: joint, or separate?

My wife and I have been keeping our finances separate for a long time. Some of my friends just put everything in a big pot. We each have our own pot, but then we have a common pot where we put all ...
3
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1answer
312 views

How does the "Married filing jointly and your spouse is covered by a plan at work" IRA deduction work?

Let's say that (as of 2020) I make between $124,000 and $196,000 a year, have a 401(k), my spouse does not work, we are both younger than 50, and we file jointly. In the course of trying to maximize ...
0
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2answers
378 views

Is marriage a financially sound decision? [closed]

I am a 29 year old male with average salary and I have been considering marriage, mostly out of peer pressure. When I was thinking about it, an obvious question came up: Is marriage ever a financially ...
0
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1answer
127 views

Is it better to invest FULL savings, in a home before marriage, or PARTIAL savings after marriage (50/50 contribution with spouse)?

My question is around the safety of my brother's investment (Washington State, USA) if shit hits the fan and his marriage falls apart. He is planning to buy a property now (huge investment) but our ...
1
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1answer
52 views

F1 OPT, marriage to Canadian citizen, FICA taxes and tax filing status

This year is a complicated one for me for tax purposes. I've been in the US since mid 2015, with F1 status. I currently still have F1 status, with OPT. If I've understood everything correctly, I ...
4
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0answers
50 views

Income tax rules when spouses are tax residents for different countries (specifically France and UK)

I know tax laws are country specific and in case of spouses living in two separate countries they may depend on the specific countries due to tax treaties so my question cannot be asked in all ...
2
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1answer
102 views

A complicated tax question for couples working/living in different states

Say I work in a communal property state (A), and my spouse work in a non-communal property state (T). I guess we have to file our respective state tax separately to make things simple. But should we ...
1
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1answer
68 views

Documents need for refiling from Married filing Separately to Jointly in USA

My wife filed taxes earlier this year as Married filed Separately. I haven't filed taxes yet. Now we want to file together as Married filed Jointly but IRS wont accept her Social Security, since they ...
1
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1answer
132 views

I haven't filed taxes since 2012, unable to work so no income, married but husband deserted me early 2013, do I qualify for a stimulus payment?

I haven't filed taxes since 2012 (married, filling jointly at that time). I've been unable to work since 2007, medical issues, but can't qualify for SSD/SSI and I haven't had medical insurance since ...
27
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7answers
19k views

Why do American dual-high-income couples get legally married?

If each member of a couple makes a high income, they pay much more U.S. income tax if married. So it makes sense for them to avoid legal marriage. They can still do a religious ceremony or a ...
1
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0answers
46 views

Dual citizen (US/French) always lived in France and extraterritorial taxes

Me, a dutch national living in France since 2005 and my girlfriend, a US and French national are planning to get PACSed (contract of civil union?/married without the religion part ?). My girlfriend ...
3
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0answers
125 views

How can you leverage the benefits of an older spouse's retirement account?

Can a marriage with a large age gap and a young high-earning spouse benefit from, for example, a Roth IRA? Let's say Jack and Jill are married. Jill is 50 and makes $25,000/year while Jack is 25 and ...
1
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1answer
15k views

2018 W4 - Married or Married, but withhold at higher single rate?

We were married earlier in the year and currently updating our 2018 W4's to reflect our new married status. The 2018 W4 is a bit confusing as based on how we have it currently setup, it looks like we ...
2
votes
1answer
202 views

Should my wife start working in December or in January

My wife got a job offer and we need to decide if tax-wise it's better for her to start in December 2019 or January 2020. Does her status of being employed or unemployed as of December 31st affect ...
4
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1answer
299 views

In what ways does getting married to someone with poor credit affect someone with good credit?

Two middle class individuals, Jim and Jane, are dating. Jim has a 715-730 credit score, as reported by Credit Karma, and has no problems (late payments, bankruptcies, etc) for the last 7-10 years. ...
6
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1answer
297 views

Does giving money to your spouse to avoid tax make any sense?

In this well known scene from The Shawshank Redeption (content warning: language), Hadley is complaining because he is getting an inheritance, but he knows that the IRS is going to take a bunch of it ...
3
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2answers
119 views

Married Mid-Year, Tax Liability Now Paid

I've paid my taxes as single all year, but now I'm married! With this new filing status, my tax liability has decreased, as my wife has both a lower income and a daughter. By my calculations, our tax ...
8
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1answer
202 views

How do taxes work if one's spouse dies?

My question is not for estate planning, but to understand taxes (similar to question for Canada) but when taxes have been filed regularly (and pertaining to the U.S., not Canada). Suppose a couple ...
0
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1answer
630 views

US Taxes: Married Filing Separately vs Single Filing for NonResident Aliens

My spouse and I are both graduate students in F-1 status for the last year 2014. I thought we could file a joint federal tax return, but now, as per this link on IRS website, it seems non-resident ...
0
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1answer
356 views

W4 allowances when spouse is working as contractor on 1099?

I will be starting a new job in July and I will need to fill out a W4. My spouse earns higher than me and he is an independent contractor and is on 1099. I was unsure of how many allowances to claim?...
26
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4answers
12k views

Going to get married soon, should I do it on Dec 31 or Jan 1?

I know that there is a tax advantage to having a child on December 31st at 11:59 as opposed to January 1st at 12:01. Does the same hold true for marriage? If it matters I make ~$130,000/yr and have a ...
9
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2answers
1k views

What are the financial implications of merging my wife's bank and investment accounts with mine?

Background I've been married to my wife for eight years & live in Washington State. For that entire time, we've had separate bank and investment accounts, mostly due to inertia. I make most of ...
1
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1answer
312 views

How can a stay-at-home parent save for retirement?

With my wife transitioning to a stay-at-home mom role, how can we save so she can retire? She won’t be able to contribute to her 401k and I don’t think we qualify for a Roth IRA based on my income. ...
1
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0answers
74 views

Income tax filing for married couple with separate addresses in Canada

I am a resident in Ontario and have just got married. Can I file joint taxes with my wife even though we live on separate properties?
5
votes
1answer
302 views

State income tax : full resident, spouse part-year resident: joint return possible?

In 2018 I was a resident of New Jersey the whole year, but my spouse was a part-year resident: he permanently moved to Germany on August 1st and established his domicile there. After that date, he ...
8
votes
1answer
366 views

How does "marriage allowance" work in UK self assessment?

My wife and I have just been doing our 2017-2018 UK tax self-assessments online (yes I know... leaving it to the last minute... they are all done now though). As during that tax year my income was ...
3
votes
2answers
379 views

File Taxes: US Expat, now married to foreign national

I live in Sweden and I got married last year to my Swedish wife. We have no children or dependencies. Does she have to file any USA tax forms? Can I just file Married Filing Separately and she does ...
5
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2answers
456 views

Pending divorce for all of 2017 while self employed. Will I force my ex to itemize?

We separated in Sep 2016, I served her divorce papers in Feb 2017, and the divorce is still not finalized. So for all of 2017 we did not live together, and we only communicated about divorce related ...
4
votes
1answer
931 views

Benefits/disadvantages of filing as married?

I was hoping to get some help as to what I should file on my taxes (single, married or head of household). I recently got married in August. I honestly and not sure the benefits of filing single/...
6
votes
1answer
398 views

Getting married but avoiding joint income claims

My girlfriend and I are planning on getting married. However, she has racked up quite a bit of student loans(60K+). Currently, she has been on a repayment program (PAYE) with a 20 year loan ...
6
votes
2answers
499 views

How can we get a hold of our finances again, with much less time to spend on accounting and budgeting, due to the arrival of our child?

When my wife and I got married, we joined our finances and started tracking expenses and budgeting with a tool called Mvelopes.com. This is a personal finance web app that puts the emphasis on ...
2
votes
1answer
66 views

Healthcare requirements for J-1 married to US Citizen

I am a US Citizen and married a J-1 visa holder at the end of December 2017. Facts: I have had healthcare coverage the entire time in 2017 and currently in 2018. My wife is still a J-1 with a ...
2
votes
1answer
245 views

Computing federal withholding for wife's W4 for new job, and if I need to adjust mine?

My wife is starting a new job and I am trying to figure out how to file her W4 and if I need to adjust mine. For some reason I can't seem to get correct/accurate results from the IRS Withholding ...
7
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5answers
797 views

Are there hidden financial costs to a marriage of convenience?

I have a friend considering a marriage of convenience. She is looking to marry another women so she can gain a sizable discount on childcare from the location the 'spouse' is employed at, and the '...
3
votes
2answers
2k views

Can I keep my HSA if I get on husband's insurance?

My husband and I recently got married and are wondering what to do about health insurance. I am currently with a company that offers a plan with the option to put funds in an HSA or FSA. My husband'...
5
votes
3answers
235 views

What debts are both partners liable for in a 'community property' state?

I've just come across this article over on the mintlife blog and noticed that I do live in one of the ten community property states. I'm not overly familiar with this particular concept (keep in mind ...
2
votes
3answers
679 views

When should both spouses get benefits from their jobs?

My wife and I get medical, dental, and vision benefits through her job. Generally we've been pretty satisfied with them. Now for the first time, my job is offering health, dental, and vision as well. ...
2
votes
1answer
314 views

Does an inter-spouse transfer of shares reset the "book value"? (in the UK)

If one half of a married couple transfers some shares to the other half, does that somehow "reset" (for capital gains purposes) the "book cost" of those shares, or not? This might be best illustrated ...
3
votes
2answers
336 views

Pitfalls of sharing finances?

Two individuals are about to be married. They both work at great jobs, great income, both are also very level-headed and responsible – which is why they waited until they both felt like they were ...
3
votes
1answer
682 views

Income allocation for taxes when married-filling separate in community property state

I am trying to confirm how income allocation works in a community property state. Are you supposed to combine your incomes and then split it evenly with your spouse? For example, Person A and ...
1
vote
1answer
2k views

How to calculate Two-Earners Worksheet mid-year for W4

I've searched the internet for hours unable to find an answer to this question. My husband and I are adjusting our W4s now, several months into the year, to reflect that we got married. Because of ...
2
votes
2answers
2k views

What filing status should two married non-resident aliens use?

I have F1 visa and my wife has F2, both non-resident. My university had a program to help students do their taxes. So they helped me (using their software) to fill and print forms, one of which is ...
2
votes
2answers
908 views

Bought a house last year should I hire a tax consultant?

I generally do my tax returns using Turbo-tax. It is generally pretty straight forward, single salaried employee filing returns. In the last tax year, I got married and bought a house. It makes me ...
66
votes
17answers
21k views

How to share income after marriage and kids?

My girlfriend and I are thinking about marriage and having children and I have spent the last days trying to figure out concepts how to handle finances from that point forward. I believe that this is ...
4
votes
1answer
202 views

Is there any way to alleviate the impact of divorce on tax returns?

My friend got divorced towards the end of 2016, and it seems she owes a lot more than she was expecting because her filing status is now Single. She went through all the options she could find in ...