(Closed) How does marriage affect taxes and financial aid for college?

posted 6 years ago in Money
Post # 3
Member
4439 posts
Honey bee
  • 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
Member
9139 posts
Buzzing Beekeeper
  • 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
Member
5423 posts
Bee Keeper
  • Wedding: November 2012

@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
Member
60 posts
Worker bee
  • Wedding: September 2013

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
Member
3885 posts
Honey bee
  • Wedding: September 2011

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
Member
770 posts
Busy bee
  • Wedding: September 2013

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
Member
3028 posts
Sugar bee
  • Wedding: June 2013

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
Member
5800 posts
Bee Keeper
  • Wedding: May 2011

@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
Member
5423 posts
Bee Keeper
  • Wedding: November 2012

@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 # 12
Member
3420 posts
Sugar bee
  • Wedding: September 2014 - Manhattan Church Rec Center

commenting to follow

Post # 15
Member
770 posts
Busy bee
  • Wedding: September 2013

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
Member
8662 posts
Bumble Beekeeper
  • Wedding: August 2012

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. Darling Husband 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.

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