Joint-filing: ~35k$ more Tax?
Recently married. Tried joint filing on Turbo Tax. It’s reducing the refund by ~16k$ for each of us. Is there something I could be missing? Will try talking to a CPA tomorrow.
There is a marriage penalty tax, but your total liability shouldn’t change by much based on how you file.
It’s because married folks start taking pre deductions as well on at least one partner”s income
There’s a marriage penalty in the tax code for two high income earners in 2017. Next year because of tax reform, the marriage penalty is eliminated. MAGA
Not true for people who make >600k$
Oh no.
Curious if married filing separately helps here.
Not by much . Better file joint
Not if you live in a community property state.
Same here.. I used to get a lot of returns all these days since I was single... I had to pay 7k this year since we are filing jointly and both of us work for amazon 😯... u will end up paying more if u file separately
Married filing jointly only helps households with only one earner. In all other cases, the increased tax bracket screws you.
I’m in the same boat..taken aback..30k more taxes..bloody tears and I’m just drinking since I have got to know about it
😲
Bhencho 30k..30k..fuck that’s like 2M of rupees
Huh? 30k usd is 18.5L INR
I didn’t transfer any bit of penny in my account from crypto..I’m already in fucking huge losses and then this
That’s correct.. Once you are married you are more tax screwed if household income ~>=350 K