Re: Getting Married for Tax Breaks
 

Divorce will cost you a lot more than you save now.

Re: Getting Married for Tax Breaks
 

Just because: A friend once told me he never realized how wrong he was until he got married.

Re: Getting Married for Tax Breaks
 

[ QUOTE ]
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

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I know you didn't ask, but please don't do this. This is like, a horrible reason.

Re: Getting Married for Tax Breaks
 

[ QUOTE ]
That is unles your GF is also related to you. Are you from Arkansas? [img]/images/graemlins/smile.gif[/img]


Jimbo

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Both, obv. I take your word for it, but that's very strange as I read through dependent claiming rules that I thought indicated 'providing >50% support for live-with partner = eligible'. There definitely were stipulations and new standards regarding claiming relatives, too.. I got a 2nd opinion from someone older who read the rules (not a tax advisor) and they concurred. Even more odd that when I provided proof to my school and told them it was my gf they were cool with it and listed me independent.

Oh well, I will have to revise last year's. Luckily don't have to worry about this year's return.

Re: Getting Married for Tax Breaks
 

so you are going to get married to save like 3k

lol?

recycle cans or something, if you are serious about the main reason for you getting married is to get a better deal on student loans, please reconsider

Re: Getting Married for Tax Breaks
 

[ QUOTE ]
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.

[/ QUOTE ]

This is wrong, you are an adult now.

Re: Getting Married for Tax Breaks
 

[ QUOTE ]
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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I'm not sure what the financial benefits would really be. But I just want to make sure that I understand your plan. So you want to marry a person that you probably wouldn't other wise marry for some vague financial benefit? You ever seen 'who wants to marry a millionaire'? That'd be you.

What about later on after divorce? You'll be 22 and divorced which prob doesn't look too good to other potential spouses. And what'll you tell a potential spouse? That you got married at 19 in order to save a get a little more financial aid (which you'll still be paying off)? That sounds crazy.

I can't think of any good reason to get married besides an honest desire to spend your life with someone. Call me old fashioned.

Re: Getting Married for Tax Breaks
 

[ QUOTE ]
[ QUOTE ]
That is unles your GF is also related to you. Are you from Arkansas? [img]/images/graemlins/smile.gif[/img]


Jimbo

[/ QUOTE ]

Both, obv. I take your word for it, but that's very strange as I read through dependent claiming rules that I thought indicated 'providing >50% support for live-with partner = eligible'. There definitely were stipulations and new standards regarding claiming relatives, too.. I got a 2nd opinion from someone older who read the rules (not a tax advisor) and they concurred. Even more odd that when I provided proof to my school and told them it was my gf they were cool with it and listed me independent.

Oh well, I will have to revise last year's. Luckily don't have to worry about this year's return.

[/ QUOTE ]

It is not impossible to use your GF as a dependent depending on where you live but be careful. In some States the common law marriage will occur, then your tax claims will be fine but technically you might be legally married. Just not sure it is worth taking the chance. On the other hand if your GF was a male "life partner" even without any legally recognizable marriage it is quite easy to claim them as a dependent, screwy huh?

Jimbo

Re: Getting Married for Tax Breaks
 

http://www.finaid.org/otheraid/parentsrefuse.phtml

Scroll to bottom.

Re: Getting Married for Tax Breaks
 

[ QUOTE ]
[ QUOTE ]
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.

[/ QUOTE ]

This is wrong, you are an adult now.

[/ QUOTE ]

in Canada at least as long as you are a full time student getting a post secondary education you are a depednat of your parents up to 25 I think. In fact some kid sued his parents for support money when he was a 19 yo student in BC and won.