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J Darnielle
journeyman

Reged: 10/16/07
Posts: 66
Loc: Fayetteville, Arkansas

Getting Married for Tax Breaks
#13159412 - 11/28/07 06:02 PM

Hey All,

My girlfriend and I are 19 year old college students, and we're both currently claimed as dependents by our parents. The only way to be claimed as inependents for us is to get married. And yes, we'd be doing this solely for the financing benefits - but we also sort of like each other. I'm wondering if anyone knows how much this will help our college financing? And also, how much will it hurt our parents taxes?

Thanks!

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bluef0x
Pooh-Bah

Reged: 05/26/05
Posts: 2295
Loc: Sacramento

Re: Getting Married for Tax Breaks [Re: J Darnielle]
#13159468 - 11/28/07 06:06 PM

Wouldn't losing health insurance hurt you two?

Also, what do you mean by college financing? Just being a student lets you get great loans.

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J Darnielle
journeyman

Reged: 10/16/07
Posts: 66
Loc: Fayetteville, Arkansas

Re: Getting Married for Tax Breaks [Re: bluef0x]
#13159496 - 11/28/07 06:08 PM

Our federal loans aren't enough to cover our tuition (we need an extra $3k or so each). I use a secondary loan, and my girlfriend's mom pays for her overage. However, we were told by a reputable source that we could get more FAFSA (federal loans) moneys and maybe even grants...

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maxtower
veteran

Reged: 09/21/05
Posts: 1264

Re: Getting Married for Tax Breaks [Re: bluef0x]
#13159518 - 11/28/07 06:08 PM

Don't do it. Wait until you're at least 25.

And you can claim yourself independent on taxes as long as no one else claims you, so tell your parents to stop.

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bluef0x
Pooh-Bah

Reged: 05/26/05
Posts: 2295
Loc: Sacramento

Re: Getting Married for Tax Breaks [Re: maxtower]
#13159659 - 11/28/07 06:17 PM

It will probably hurt you two + your parents for more than 6k. Don't private banks still offer solid loans to students, especially with parents cosigning?

Not sure about the FAFSA part, try talking to your school's counselors. The only way I can see marriage as being a benefit is if they allow you all those huge grants for being extremely poor.

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qdmcg
old hand

Reged: 10/28/06
Posts: 1151
Loc: pittsburgh

Re: Getting Married for Tax Breaks [Re: bluef0x]
#13159886 - 11/28/07 06:31 PM

at a lot of schools if you're an independent it will appear to the school that you will need an enormous amount of aid to be able to attend, so they will give you more money. However, they will also probably require that you take out the maximum of each federal loan

I'd do more research (not sure where/how) before you do anything like this.

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vetiver
enthusiast

Reged: 07/05/07
Posts: 212

Re: Getting Married for Tax Breaks [Re: qdmcg]
#13160022 - 11/28/07 06:41 PM

Since we live in the same residence and I make sufficient money, I claim my gf as a dependent on tax returns. This exempts me from dependent status, so I get financial aid plus interest free student loans through this year, but made too much to qualify for aid next year (obv hidden brag)

This might be an easier solution than marriage.

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Jimbo
Carpal \'Tunnel

Reged: 09/02/02
Posts: 4376
Loc: Planet Earth but relocating

Re: Getting Married for Tax Breaks [Re: vetiver]
#13160258 - 11/28/07 06:58 PM

Quote:

Since we live in the same residence and I make sufficient money, I claim my gf as a dependent on tax returns. This exempts me from dependent status, so I get financial aid plus interest free student loans through this year, but made too much to qualify for aid next year (obv hidden brag)

This might be an easier solution than marriage.

You might not want to make that information public since legally you cannot claim her as a dependent. That is unles your GF is also related to you. Are you from Arkansas?

Jimbo

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mak15
Pooh-Bah

Reged: 01/25/06
Posts: 2093
Loc: u penn

Re: Getting Married for Tax Breaks [Re: Jimbo]
#13160564 - 11/28/07 07:22 PM

i am a college student, i am not married, my parents do not claim me, i do.

edit: but getting married seems like a good idea.

Edited by mak15 (11/28/07 07:22 PM)

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J Darnielle
journeyman

Reged: 10/16/07
Posts: 66
Loc: Fayetteville, Arkansas

Re: Getting Married for Tax Breaks [Re: mak15]
#13160716 - 11/28/07 07:33 PM

Thanks for your help. I'm not looking to start living off of food stamps or anything, although our independent part-time incomes would certainly allow it. My parents make plenty of money, but I'd like to ease the $3k/year burden on them without over-extending myself with student loans.

After this I have grad school to deal with...

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