{"id":576,"date":"2018-07-02T07:30:30","date_gmt":"2018-07-02T07:30:30","guid":{"rendered":"https:\/\/tysllp.com\/?p=576"},"modified":"2025-12-26T19:47:42","modified_gmt":"2025-12-26T19:47:42","slug":"wedding-gifts-from-the-irs-and-the-disappearing-marriage-penalty","status":"publish","type":"post","link":"https:\/\/tysllp.com\/wedding-gifts-from-the-irs-and-the-disappearing-marriage-penalty\/","title":{"rendered":"Wedding Gifts from the IRS and the Disappearing Marriage Penalty"},"content":{"rendered":"

It may be rare these days for a prospective husband to ask for permission or a blessing from his future father-in-law to marry his sweetheart, but there\u2019s one additional blessing that may also be on his mind: acquiring the tax blessings bestowed by the Internal Revenue Service.<\/span><\/p>\n

Thanks to the new tax law changes found in the <\/span>Tax Cuts and Jobs Act (TCJA) of 2017, that the marriage penalty, which is part of the overall tax reform package, has been largely eliminated for most people. <\/span>\u00a0While not being completely removed, it is less painful \u2013 especially to those making combined incomes greater than $600,000. Married taxpayers who file jointly can now enjoy taking <\/span>the standard deduction which has been increased to $24,000 and will further increase to $24,400 in 2019.<\/span><\/p>\n

Making Sense of the Changes<\/b><\/p>\n

Under the previous tax law, it was possible for people to be stung by higher taxes if they got married. That\u2019s because in some instances, a couple with similar incomes filing jointly would jump to a higher tax bracket due to their combined income thereby incurring the marriage penalty. \u00a0In the past, marriage penalties occurred when two individuals with similar incomes married; this was true for both high- and low-income couples. But today, with the <\/span>passage of the TCJA, it is now possible for all married brackets to be exactly double those of the single brackets, with the ex<\/span>ception of the those who at<\/span> the top 37 percent marginal rate. As such, marriage penalties are generally only felt at very high -income levels.<\/span><\/p>\n

So, while this is a significant improvement, there are still some disadvantages to getting married. One of the most impactful is that when you file your taxes as married filing jointly with your spouse, you can be equally at fault for any errors and intentional omissions, as well as any additional tax, penalties and interest that arise from those mistakes.<\/span><\/p>\n

For example, imagine your spouse forgets to report some investment income or intentionally pads deductions. When the IRS catches the discrepancy on your joint return, you\u2019ll both be held liable. You might have had no idea it was happening, but you may still be on the hook for the outstanding balance plus interest and penalties. But it\u2019s not all doom and gloom. Here are several reasons that married filing jointly still may be the best choice when it\u2019s tax time:<\/span><\/p>\n