Wives, does your husband pressure you not to have that much money because it

@suspenseful (40316)
Canada
January 10, 2008 11:30pm CST
might impact the income tax he has to pay? My husband is retired, and he made quite a bit, did some wise investments, and now he tells me that I have to be careful of what I get for pensions, and retirement income because if it is over $50,000 a year, he will have to pay more income tax. I did not think my measly pension would make that much difference. So why is it that the lesser earning spouse has to keep spending money to prevent our income from going over a certain amount?
4 people like this
7 responses
@Lakota12 (42681)
• United States
11 Jan 08
the only taxes he has to pay is on capital gain! not on SS unless you go over the amount allowed for a couple. Look at the letter they send you of what ya made last year on it it says voluntary tax do you voluntier to pay them? And if you make $50,000 a year you are setting real pretty. My working kids dont draw that in a year!
2 people like this
@suspenseful (40316)
• Canada
14 Jan 08
I doubt we will make $50,000 a year even with my pension, my retirement, and my Old Age Security. When we were young we were lucky to make $28,000 a year and my husband was a skilled boilermarker with journeyman papers and all that. We do not have volunteer tax. They send you a T4 with your employee's slip every February. Yo just cannot make more over your personal deductions. So if I am allowed $6,000 a year. I can only make $500 a month. That was a couple of years ago. Now if I did a separate tax return, I could keep more, that is what is so bad about it.
1 person likes this
@Lakota12 (42681)
• United States
14 Jan 08
oh my I would hate to know too and what a life to have to go thru altho I have most of it but never was over and estate my brother is handleing my moms right now.
@LittleMel (14051)
• Canada
11 Jan 08
the way I see it you shouldn't spend more money just because your income is lower, this won't help his tax return in a good way. if he wants you to spend, or he to spend, better go with RRSP or charity donations, both will increase your tax return. if you only spend it on purchases, like household grocery furniture etc it won't do you any good tax wise
2 people like this
@suspenseful (40316)
• Canada
11 Jan 08
I am thinking of increasing my charitiy donations. We are already retired, so going with RRSP will not do any good.
2 people like this
@LittleMel (14051)
• Canada
11 Jan 08
oh yes I forgot you are already retired
2 people like this
@suspenseful (40316)
• Canada
14 Jan 08
But I'm not over the hill.
1 person likes this
@GardenGerty (110874)
• United States
12 Jan 08
I do not understand that at all. I also think, depending on where you earn, you could come up with deductions to balance out the income. I also think you could file taxes separately, if he is worried about his taxes. Of course, poor dear, if you did that, he could not claim you as a deduction. Of course, everything I am saying here has to do with my understanding of taxes in the US and as I understand it, you live in Canada. I would rather have more earned income, and pay a little tax on it, if I enjoyed how I earned it, than to sit around and have to not earn to save a little on taxes. This is ostly a question for a taxpreparer or accountant, though.
@suspenseful (40316)
• Canada
14 Jan 08
I could ask my younger son. He took a course in tax preparation.
1 person likes this
@terri0824 (4991)
• United States
11 Jan 08
I don't have to worry about this since I'm not married. But your question was why does the less earning spouse have to keep spending money, did you mean earn less. I don't see where spending money to prevent income going over a certain amount works?
2 people like this
@suspenseful (40316)
• Canada
14 Jan 08
The husband is afraid of paying more income tax.
1 person likes this
@Polly1 (12648)
• United States
11 Jan 08
I never had the problem of too much money, its always been not having enough. I would like to have the problem of having to much money, I think it would be fun. As for spending it, I wouldn't have a problem there neither, hehe.
2 people like this
@suspenseful (40316)
• Canada
14 Jan 08
That is what it was with me. My husband was always able to find work. He quit one job, went down for another job, got it the same day,and when Cn called and he had his journeyman's papers, he quit his job and got that the same day. Me, I had to spend weeks pounding the pavement, and my bosses were either bound for the Cayman Islands or never had enough to pay me a living wage. So consequently I never had enough and wouldlike to keep what I have.
1 person likes this
@drannhh (15240)
• United States
11 Jan 08
In my family I am the spouse who makes all of the money decisions. He trusts my judgment completely, although on matters that concern us both I almost always run what I am going to do past him before it is etched in stone. His usual answer is, "What are you asking me for? You know what to do!" He on the other hand, makes all of the aesthetic decisions, such as the color of cars we buy, paint, furniture, tableware, even the clothes I wear! That's what I get for marrying an artist, but at least he is a successful artist. Of course, I have to to watch what I say now that I'm an artist, too. I'm getting more like him, why isn't he getting more like me, lol?
2 people like this
@suspenseful (40316)
• Canada
14 Jan 08
My husband makes the big decisions, but in some he asks for my help. I am better at selecting clothes than he is.
1 person likes this
@writersedge (22579)
• United States
14 Jan 08
There are tax deductible ways for your husband to be considered to have less money and still have money. My husband has put more money in his 401K (retirement fund in the US). It actually cuts our taxes and gives us more money. He also has stocks that he pays into and the company he goes with looses money and we get a tax break that way. He should be going to an accountant and/or business person who can steer him in the right direction. He's the one making too much, not you.
@writersedge (22579)
• United States
14 Jan 08
Of course, my husband is still earning money so these won't help you, but I think your idea of talking to your son who is a tax preparer is a good one. Sometimes it's not the advice people give so much as the ideas that generate to help a person solve there own problems-as you just did that work out even better. Take care