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3 Reasons It’s Great to Be Coupled Up at Tax Time


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Happy Valentine’s Day week to all of the lovebirds out there! Whether you’re enjoying a night out on the town or staying in for a movie night, we want to give you even more reasons to celebrate with your loved one with…you guessed it: tax benefits!

So, grab your significant other and read up on some of the perks of being coupled up come tax time.

Married couples filing jointly generally benefit from lower income tax rates than couples filing separately. This is especially attractive to couples with differing levels of income, but this is not the only way that marriage can have a positive impact on the size of your tax bill. A number of tax benefits may only be available to couples who file jointly, including:

Unlimited Marital Deduction

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One of the most powerful tax benefits available to married couples is the unlimited marital deduction allowing assets to be transferred to a surviving spouse tax-free. Don’t ignore this! A freshly married couple in their mid-20s might not be thinking about estate planning, but as the years pass, it will increasingly loom large in their future decision-making.

Larger Tax-Free Gifts

Married couples also get more bang for their buck when it comes to the gift tax exclusion. Currently, there is an annual federal gift tax exclusion of $17,000 per spouse for 2023 ($18,000 for gifts made in 2024) meaning your recipient can “immediately and without restriction use, possess or enjoy the gifted property” without tax consequence to you. The gift tax exclusion applies to gifts for each donee. As a married couple, you get to combine this exclusion and can gift up to $34,000 tax-free per donee. So, this means that a married couple can gift up to $68,000 to two grandchildren tax-free.

As your wealth grows, be mindful of ways to use the gift tax exclusion to strategically transfer assets to loved ones (or between each other).

You Can Qualify for Earned Income Tax Credit

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As a married couple filing jointly, you may have an easier time qualifying for Earned Income Tax Credit since qualifying income for married couples can be more than someone that is single (up to $63,398 married filing jointly, up to $56,838 single for tax year 2023). This is really important to keep in mind since the Earned Income Tax Credit can be up to $6,935 for a married couple with three kids for tax year 2023.

Don’t worry about knowing these tax rules. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed. 

TurboTaxBlogTeam
TurboTaxBlogTeam

5 responses to “3 Reasons It’s Great to Be Coupled Up at Tax Time”




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Rômulohttps://noticiasreal.com.br
Romulo is a renowned American entrepreneur who resides in the United States, recognized for his entrepreneurial vision and inspirational leadership. Born into a humble family, Romulo demonstrated an uncommon determination and a natural talent for business from an early age. After completing his studies in business administration, Romulo ventured to the United States, where he immersed himself in the business world, founding his first company at the age of 25. His bold vision and ability to identify market opportunities quickly led him to success on American Throughout his career, Romulo has played key roles in various industries, from technology to finance, always striving to innovate and create value for his clients and investors. His customer-centric approach and dedication to operational excellence have made his companies industry benchmarks, contributing to his recognition both in the United States and interna In addition to his business achievements, Romulo is known for his commitment to corporate social responsibility. He is a passionate advocate for education and community development, dedicating time and resources to support initiatives that promote equal access to education and gr Currently, Romulo leads a diversified conglomerate with a global presence and a significant impact in the markets where he operates. His long-term vision and ability to adapt to the nuances of the American market make him a respected and admired leader among his peers and competitors in the Unit Outside the office, Romulo is an avid reader and nature lover. He believes in the importance of finding a balance between work and personal life, constantly seeking new ways to challenge himself and grow, both profession With a career marked by extraordinary achievements and an unwavering commitment to sustainable success, Romulo continues to be a prominent figure in the international business landscape and a source of in

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