headoverheels 334 #26 June 5, 2012 Quote Our fix is easy...as I have an outie and she has an innie, the "domestic partner tax" will go away when we marry this fall. I'll basically get a $3k/year raise right off the bat, entirely from the government (its cost neutral to my employer). Blues, Dave If you and your innie each had substantial income, your IRS marriage tax will exceed that $3k. About double that in my case. Quote Share this post Link to post Share on other sites
livendive 8 #27 June 5, 2012 QuoteQuote Our fix is easy...as I have an outie and she has an innie, the "domestic partner tax" will go away when we marry this fall. I'll basically get a $3k/year raise right off the bat, entirely from the government (its cost neutral to my employer). Blues, Dave If you and your innie each had substantial income, your IRS marriage tax will exceed that $3k. About double that in my case. Was that awhile ago? Because as far as I know, the "marriage penalty" (difference between 2 single deductions and one married filing jointly deduction) hasn't been a factor for a couple of years now. We do both have substantial income, but there's a difference in tax rates that we'll be averaging when we marry. This year when we did our taxes, we had our accountant combine our returns just for planning purposes, and the difference was relatively minor...somewhere between a few and several hundred more. The biggest difference, it seems to me, is the loss of her standard deduction. Right now I itemize out the house & business expenses plus she takes a standard deduction. After the marriage, we'll itemize out the house and business...and that's it, we can't take both. Overall, most of the domestic partnership tax will return to my paychecks, as we seem due for at least a couple thousand dollar a year raise. Blues, Dave"I AM A PROFESSIONAL EXTREME ATHLETE!" (drink Mountain Dew) Quote Share this post Link to post Share on other sites
kelpdiver 2 #28 June 5, 2012 QuoteQuoteOur fix is easy...as I have an outie and she has an innie, the "domestic partner tax" will go away when we marry this fall. You bring up an obvious and simple solution to this gay marriage problem. If a same-sex couple wants to get married, one of them can just have a sex change. Then they can have a good old traditional marriage between one man and one woman. Everyone's happy; problem solved. So what's entailed in getting a sex change recognized? Do you have to be post-op? Or can you still be in the counseling phase? (oops, now the LDS cabal is going to define marriage as between a man and a woman as defined by their original birth certificate. If you don't have one (Obama), then you can never marry.) Quote Share this post Link to post Share on other sites
headoverheels 334 #29 June 6, 2012 The marriage tax has lessened at the bottom. When I first checked 20 years ago, a couple making 20k each would have paid about $2k more married than single. I don't think it will be much of a factor these days with a combined income under maybe $150k. By the time you bump into AMT, it is up to several thousand extra. All you have to do is look at the tax brackets -- the $ at which you hit each higher level isn't 2x for married, it is under that. An extra kick in my case is that my wife and I are each carrying forward capital losses -- single we could each deduct $3k/year = $6k total. Married, just $3k total. Quote Share this post Link to post Share on other sites
kelpdiver 2 #30 June 6, 2012 Quote An extra kick in my case is that my wife and I are each carrying forward capital losses -- single we could each deduct $3k/year = $6k total. Married, just $3k total. No gains yet you can harvest against that carry forward? Also, in this case you're not losing the capital loss, just deferring it. Inflation does mean this will translate to a slightly lower deduction, but short of a catastrophic loss, I would hope you could use these to do annual tax harvesting of winners for 30 days and clear it out. Quote Share this post Link to post Share on other sites
Marinus 0 #31 June 6, 2012 Quote Um, no. While same sex unions and other religions have been around since as long as humans have been on earth, same sex marriages have not. Since same sex unions very rarely result in kids, they have not until recently been considered "family units" or "marriages". If you know of references that I don't on the matter, feel free to elaborate. Ironically same sex marriages where rather common amongst native Americans, so in a way adopting same-sex marriage is doing what Americans do when in America. Personally I think it's very hard to define what marriage is, if you look at it's many manifestations in different cultures, but in a world were same-sex marriages exist and have existed for a long time still claiming that marriage is between a man and a women is not very wise. And what about a a woman and a man whore 50+ who want to marry. Since this will rarely result in kiddies they can't marry right? Quote Share this post Link to post Share on other sites
headoverheels 334 #32 June 6, 2012 QuoteQuote An extra kick in my case is that my wife and I are each carrying forward capital losses -- single we could each deduct $3k/year = $6k total. Married, just $3k total. No gains yet you can harvest against that carry forward? Also, in this case you're not losing the capital loss, just deferring it. Inflation does mean this will translate to a slightly lower deduction, but short of a catastrophic loss, I would hope you could use these to do annual tax harvesting of winners for 30 days and clear it out. I still have plenty of unrealized loss to take, probably 7x my unrealized gain, along with the loss I'm already showing. I'll get some gain over the years, but I doubt that I will ever pay capital gains taxes again. Quote Share this post Link to post Share on other sites
headoverheels 334 #33 July 5, 2012 Quote Was that awhile ago? Because as far as I know, the "marriage penalty" (difference between 2 single deductions and one married filing jointly deduction) hasn't been a factor for a couple of years now. Dave, I just did my taxes for 2010 (yeah, they are sending me threatening letters). The marriage penalty for my Federal return was over $14500 (ouch fucking ouch). California penalty was a couple of hundred. That could buy a decent house a lot of places for cash in 10-15 years. Quote Share this post Link to post Share on other sites
kallend 2,182 #34 July 5, 2012 QuoteQuote Was that awhile ago? Because as far as I know, the "marriage penalty" (difference between 2 single deductions and one married filing jointly deduction) hasn't been a factor for a couple of years now. Dave, I just did my taxes for 2010 (yeah, they are sending me threatening letters). The marriage penalty for my Federal return was over $14500 (ouch fucking ouch). California penalty was a couple of hundred. That could buy a decent house a lot of places for cash in 10-15 years. In 2010 when my wife was still alive the marriage penalty was around $2k/year for us.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #35 July 5, 2012 Quote Was that awhile ago? Because as far as I know, the "marriage penalty" (difference between 2 single deductions and one married filing jointly deduction) hasn't been a factor for a couple of years now. While the standard deduction is double a single person's, the tax bracket cut-offs only double for the 10 and 15% bracket. For instance, a couple living in sin who individually make about $71K - $85K pay 25% on that money while a married couple pays 28% ($840 penalty total for both). Mid career professionals still pay 28% from $108K to $178K but a married couple pays 33% ($7000 additional penalty). From $194-$388K people pay 33% as singles and 35% as a married couple ($7760 additional penalty). Tax deduction and credit cut-offs often don't double. As a single person making $58K participating in a 401K at work a separate IRA deduction is fully deductible and remains partially deductible up to $68K although as a married couple the numbers are $46K and $56K. The itemized deduction and personal exemption phase-outs don't double. Quote Right now I itemize out the house & business expenses plus she takes a standard deduction. In a state without income tax that costs you $1963.50 when you're in the 33% bracket. Quote Share this post Link to post Share on other sites
lawrocket 3 #36 October 19, 2012 Second Circuit chimes in, too. DOMA Unconstitutional. http://www.ca2.uscourts.gov/decisions/isysquery/04e5126a-499e-4229-badb-e4558ffce584/2/doc/12-2335_complete_opn.pdf#xml=http://www.ca2.uscourts.gov/decisions/isysquery/04e5126a-499e-4229-badb-e4558ffce584/2/hilite/ Isn't it so gosh darned swell that we have both political parties in agreement that we'll let the courts work this out? Sure, in 2009 the Congress could have easily repealed DOMA and the President easily could have signed it. No, the GOP won't do anything about it. But the Democrats won't, either (we know because they didn't) and it's the President's policy to let this work its way through the courts, but he such a good guy and he's our first gay president and all. Take a look at this opinion and see the cost of inaction. Ask whether anybody is doing any favors to anyone. As an aside: dreamdancer will hate this opinion because it's about $363,053 in a tax refund that the partner wanted because hetero couples get that estate tax benefit, and this 1 percenter just wants to make sure that money isn't put to some good use My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
