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  #1  
Old 11-28-2007, 07:02 PM
J Darnielle J Darnielle is offline
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Default Getting Married for Tax Breaks

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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  #2  
Old 11-28-2007, 07:06 PM
bluef0x bluef0x is offline
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Default Re: Getting Married for Tax Breaks

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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  #3  
Old 11-28-2007, 07:08 PM
J Darnielle J Darnielle is offline
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Default Re: Getting Married for Tax Breaks

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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  #4  
Old 11-28-2007, 07:08 PM
maxtower maxtower is offline
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Default Re: Getting Married for Tax Breaks

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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  #5  
Old 11-28-2007, 07:17 PM
bluef0x bluef0x is offline
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Default Re: Getting Married for Tax Breaks

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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  #6  
Old 11-28-2007, 07:31 PM
qdmcg qdmcg is offline
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Default Re: Getting Married for Tax Breaks

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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  #7  
Old 11-28-2007, 07:41 PM
vetiver vetiver is offline
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Default Re: Getting Married for Tax Breaks

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.
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  #8  
Old 11-28-2007, 10:06 PM
Shoe Shoe is offline
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Default Re: Getting Married for Tax Breaks

Divorce will cost you a lot more than you save now.
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  #9  
Old 11-29-2007, 12:49 AM
mtgordon mtgordon is offline
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Default Re: Getting Married for Tax Breaks

Just because: A friend once told me he never realized how wrong he was until he got married.
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  #10  
Old 11-29-2007, 01:08 AM
fanmail fanmail is offline
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Default 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

[/ QUOTE ]

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