HomePERSONAL FINANCETAXESAuthor:
Julie Bennett Iannuzzi
Publish date:
Aug 1, 2022
Video Rating:
TV-G
Video Duration:
1:04
4 Tax Breaks for Unmarried Couples
4 Tax Breaks for Unmarried Couples
Couples don’t always have to get married to benefit from tax deductions, according to Kelley C. Long, CPA/PFS, CFP® and financial wellness coach for Financial Bliss.
Long shares 4 Reasons to Reconsider ‘I Do’ in the video above, or continue reading below for her advice for unmarried couples.
4 Ways Unmarried Couples Can Save On TaxesRoth IRA contributions: The limit for married filing joint taxpayers is substantially lowered compared to doubling the limit for single taxpayers. SALT deduction: If you itemize, the $10,000 limit on state and local taxes is the same whether married or single.Student loan interest deduction: A lower earner with loans could lose their deduction due to the other partner’s income taking them over the combined limit.Child tax credits: A combined income could lower or eliminate the credit. The lower-income parent would pay the costs and claim the child as their dependent, netting a lower overall tax bill.Read More From Our Partners at TurboTax:
Getting Married? What Newlyweds Need to KnowShould You and Your Spouse File Taxes Jointly or Separately?When Married Filing Separately Will Save You TaxesHow Changes in Your Life Can Save You Money7 Tax Advantages of Getting MarriedEditor’s Note: Reviewed for tax accuracy by a TurboTax CPA expert. TurboTax is the exclusive partner of TheStreet’s tax content.
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