Posted On: January 3, 2011
Marriage Relief Penalty
Prior to the 2010 Tax Relief Act, the marriage penalty would return at the beginning of 2011, due to the virtue of the difference between the value of the standard deduction and the size of the 15% income tax bracket between joint and single filers. Due to the 2010 Tax Relief Act, the marriage penalty relief will be extended through 2012. The Joint Committee on Taxation estimated the cost to be $26.9 billion. The marriage penalty continues to pop up in proposals being made and some parts of laws that were enacted.
For more information, please contact Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
