February 14, 2013
A Taxing Valentine's Day
Tax Policy Center: Marriage Bonus and Penalty Calculator:
Love is blind, says the adage, and that can be a good thing when it comes to taxes. That’s because married couples often pay a marriage penalty—a higher federal income tax bill than they would if they were single. But for most couples, marriage means a lower tax bill—a marriage bonus in tax-speak.
Just in time for Valentine’s Day, the Tax Policy Center has updated its marriage bonus and penalty calculator to reflect the provisions of the American Taxpayer Relief Act of 2012 (ATRA), the new tax law Congress passed earlier this year. The new calculator lets you compare the tax bills of a couple filing as singles and as a couple for either the 2012 or 2013 tax year.
The calculator makes it easy to determine the tax consequences of marriage in 2013. Calculate now, or forever hold your peace.
- Forbes, In Love? Find Out If Marriage Would Mean A Tax Penalty With This Calculator
- Wall Street Journal, A Happy Valentine’s Day? Check Your Taxes First
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