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Level 1

Question

Marriage

Forum|Forum|3 years ago
November 17, 2022
1 reply
19 views

I made 40k last year and 130 this year. I have two kids. Would it make more sense to get married this year or next. The reason i ask is because im scared to owe a lot in taxes due to the huge difference

Level 7

While taxes maybe a factor in deciding to get married or not, unless your future partner makes no income or very little income this is not easily answered. If you did get married, it is possible that your combined marginal tax rate would be less and your combined tax burden as well. I would suggest that you reach out qualified local tax counsel or legal counsel to go over all the particulars of your situation.