Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yes, I know so many women who are looking to not get married now because of what you said. After all, we all know the only reason why people were getting married ever is because of tax breaks.
The numbers break out like this: a single person who makes above $45,960 per year will not qualify for any tax breaks and married couples making above $62,040 don’t qualify. Do you see where the problem lies with those numbers? $62,040 is NOT double $45,960.
So, if you have one member of a married couple making $30,000 a year and the other making $40,000 a year, NEITHER of them will get any ObamaCare subsidies because their total income is $70,000 which is higher than the $62,040 cutoff.
Yet if they got divorced and still lived together, BOTH of them would qualify for subsidies. The amount in subsidies we are talking about are not trivial either as they could add up to as much as $10,000 or so.
Yes, I know so many women who are looking to not get married now because of what you said. After all, we all know the only reason why people were getting married ever is because of tax breaks.
Financial problems is a huge reason why people end up divorced. Gotta love laws that add to the financial stress
The numbers break out like this: a single person who makes above $45,960 per year will not qualify for any tax breaks and married couples making above $62,040 don’t qualify. Do you see where the problem lies with those numbers? $62,040 is NOT double $45,960.
So, if you have one member of a married couple making $30,000 a year and the other making $40,000 a year, NEITHER of them will get any ObamaCare subsidies because their total income is $70,000 which is higher than the $62,040 cutoff.
Yet if they got divorced and still lived together, BOTH of them would qualify for subsidies. The amount in subsidies we are talking about are not trivial either as they could add up to as much as $10,000 or so.
Exactly! Makes no sense at all. We are in this situation. I make $62K partner makes $15K. She qualifies for almost her whole entire premium to be subsidized and I get insurance through work. If we marry, I will have to shell out $180/month to add her to my insurance.
Only issue is that there are other benefits to marriage outside of tax breaks. When our financial situation adjusts, we will get married for those other reasons.
It also depends where the income is, who mnakes more, etc.
For example a couple with one person making $60,000, the other making $40,000. No kids taking the standard deduction
They would have paid $12,483 combined in 2013 if they were both single ($8,429 and $4,054) however it would be $11,858 if married,
If the breakout was $75,000 and $25,000. They would pay $12,179 and $1,804 for a total of $13,983 if single, with the same $11,858 if married
If the breakout was $50,000 each it would be $5,929 each and totaling the same $11,858 if married
Are you accounting for part of that income moving into the higher tax bracket? No. I know this because when me and my husband married years ago in August, our income stacked moved us into a higher tax bracket. Married only a short time we owed a huge tax bill because of it. If we had stayed single each of us would have received a small amount back.
Are you accounting for part of that income moving into the higher tax bracket? No. I know this because when me and my husband married years ago in August, our income stacked moved us into a higher tax bracket. Married only a short time we owed a huge tax bill because of it. If we had stayed single each of us would have received a small amount back.
Well I'll have to contact the IRS for our money back lol.
I'll tell the IRS that my CPA was wrong and that Smash tells me that I didn't owe them money.
Last edited by petch751; 07-09-2014 at 10:57 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
