Post # 1
I have to admit that at 28 years old I’m shamefully clueless about money stuff. It’s easy to stick your head in the sand about proper financial knowledge when you don’t have any money to begin with!
We both make the same (fairly low) hourly wage and we have no children. I’m guessing that if I got married they would count his income when I applied for financial aid, and I would get even less. I’ve been taking the “scenic route” through school because I’m broke and lazy, and that’s why we’ve been putting off marriage. But we’ve already kind of decided to get married next summer. I was under the impression that there were tax breaks for being married, so maybe in the end, it would all be a wash. Sooo…. what’s the deal with this stuff?
Post # 3
- Wedding: January 2013 - Harbourfront Grand Hall
@lampshade: Tagging to follow along.
I just this morning signed up for fall classes. I filled out my FAFSA but because we just got married this year and the FAFSA is based off of 2012 tax returns our marriage hasn’t yet affected my FA.
We’ll see how it goes next year…
Post # 4
- Wedding: November 2013 - St. Augustine Beach, FL
Tax breaks for getting married? Not really. You have to have little tax deductions (i.e. children) before the breaks really kick in. The only years I ever had to pay in was when I was married. Hence why I am not looking forward to our tax bill for 2013.
Post # 5
@lampshade: Do you plan to change your name through social security? If you don’t you can keep filing single. Thats what my accountant told me. It was better for us to file jointly since I make so much less it helped him in the brackets.
Post # 6
Getting married pretty much screws you on Federal taxes. I live in California and it also screws us on state taxes. When I was married, we would always about break even on taxes and that was with me claiming 0 deductions. Being single has been GREAT because I’ve gotten a nice return every year. You can file seperately when you’re married and we might do that………haven’t decided yet. Still have another year to figure it out since I’m not getting married till September.
Post # 7
There are not any true “tax breaks” for being married, and some people actually face a “tax penalty” for being married; it all depends on your pre-marriage income and if one partner makes a fair bit more than the other, or if one partner has substantial medical bills, etc.
Here is some good information on married filing jointly and married filing separately: http://turbotax.intuit.com/support/iq/Filing-Status/Married-Filing-Jointly-vs–Married-Filing-Separately/GEN83639.html
@MASPA: That’s not true and I would be surprised that your accountant told you this! If you are married, it does not matter what your name is– you still need to file as married.
Post # 8
It would help if we knew how much aid you get now. As long as you file fafsa before you get married, it won’t affect your aid for the year. His income will factor into your aid for following school years, but if he’s a college student too it should even out. Getting married will also change your combined incomes when you file taxes, but the tax break will just increase your return…and if neither of you make that much, you might not have that much potential return to get anyway.
Post # 9
FASFA counts your income as joint once you are married. For example this might change you eligibility for some financial aid, say you make $15k/yr and so does he, your income is now $30k which depending might be too much for recieveing grants (such as Pell.) To get Pell your EFC has to be under a bit under 5k, and when I had join income at 32-34k we weren’t eligbible since my EFC as somewhere around 6k. That was 5 years ago.
Post # 10
@MASPA: Did your acct mean married but separate? You cannot file single, the gov’t knows you are married
Getting married is generally bad news for taxes and financial aid (both your incomes will need to be reported on your fafsa)
Post # 11
@LGenz: nope. I’m talking about not claiming married at all. Marraiges are performed by states and until you claim your marriage license for a change (passport; Social security), the federal government thinks your not married. Same with employment. If you take zero allowances out you’re still categorized as single according to my employer. I can keep claiming zero and then my w2 says single.
Post # 13
Shit. It’s looking like I should just not get married!
He’s done with school. His rich uncle paid for it so he doesn’t have any student loans. He might go to grad school at some point, but it’s not exactly a priority. He has a BA in graphic design and works for a print shop making only like 27k a year.
I also make 27k as a CNA. I have to work full time and I’ve been going through school really slowly– usually just a class or 2 at a time. So far I’m in community college so it all gets covered by FAFSA but next semester I’ll have to switch to a state school and take out loans. I’m planning on applying to OT or PA school after that. Both those careers make decent money, it’s just a matter of getting through the schooling while also working full time. College is so expensive nowadays I don’t even know if it’s worth it for low class people, even though I’m going for something practical.
Post # 14
@MASPA: nope, not changing my name.
Post # 15
What state are you in? If you’re just taking 1 or 2 community college classes a semester, you might consider just paying tuition over using up your lifetime limit.
Post # 16
Uhh pretty positive you can’t file singly once you’re married…regardless of name change. You can still claim 0 but you have to file either married jointly or separately.
We got back $1000 less in taxes this year. DH was only working part time previously, and my additional income bumped him up a tax bracket. If you’re currently getting financial aid they will take into account your husband’s income as well, so you may not qualify/receive less money.