Getting Married for Tax Breaks

[Badger]

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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.

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This is wrong, you are an adult now.

[ahnuld]

[ 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.

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This is wrong, you are an adult now.

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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.

[Henry17]

Marriage creates a whole bunch of legal obligations that will end up costing you a lot more. I think this plan is not well thought out.

[Jimbo]

In the USA barring any mental illness you are emancipated at age 18. Now the dependent part of the OP's post is just his parents ability to use him as a tax deduction on their taxes until he turns age 24, has income exceeding their support or leaves school, whichever occurs within a given tax year.

Without knowing the OP's specific circumstances it is pretty likely that he will discover being "cutoff" from Mommy and Daddy will not be as pleasant long term as he believes. Neither will be married for that matter. [img]/images/graemlins/smile.gif[/img]


Jimbo

[spex x]

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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.

[awval999]

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

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