Getting Married for Tax Breaks

bluef0x · #1 11-28-2007, 07:17 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.

qdmcg · #2 11-28-2007, 07:31 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.

vetiver · #3 11-28-2007, 07:41 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) [img]/images/graemlins/frown.gif[/img]

This might be an easier solution than marriage.

Jimbo · #4 11-28-2007, 07:58 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) [img]/images/graemlins/frown.gif[/img]

This might be an easier solution than marriage.

[/ QUOTE ]

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? [img]/images/graemlins/smile.gif[/img]

Jimbo

mak15 · #5 11-28-2007, 08:22 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.

J Darnielle · #6 11-28-2007, 08:33 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...

johndenver · #7 11-29-2007, 01:48 AM

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

vetiver · #8 11-29-2007, 01:34 AM

[ 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.

Jimbo · #9 11-29-2007, 02:51 PM

[ 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