Marriage - benefit of filing jointly - disability

[cheetah2112]

Trying to find out if my girlfriend and I would be able to make it financially getting married. If not we probably won't.

Anyway, my girfriend is disabled and receives disability and would lose quite a bit of it and without it, we would likely go bankrupt.

I have a decent salary (60-70K), unfortunately along with the current economy, I have a decent stack a bills (mortgage with 2nd mortgage, drive about 350 miles to work each week and more..). From first look at my salary, it would look like we could make it but you have to take into account these bills. I'm currently looking at the possibility of hitting my credit cards and having to provide most of the support for her with assistance cut for her.

Anyway, what would our tax situation look like if we married..filed jointly? We figured she would only get about 4500/year for disability if we married - not a lot at all. So with this, our total taxable income doesn't change much more than just my income. Are there credits etc. that would help out.

Thanks very much! It would be much appreciated as our decision will ride on this.

[solomon]

See a local tax professional.

[BHoffman]

And a pre-marital counselor

[S T]

Also

You need to see a "credit" counselor

[David1980]

You could sell the house and rent closer to work and save about 300 miles of driving per week, as well as getting rid of the mortgages.

Tax wise isn't too difficult to determine. For example run your 2007 taxes as-if you had been married and see what that would do.

Really though it just seems like you want to complain about how hard it is to make it on a 60k/year salary.

[ED SMITH]

Filing jointly, would probably drop you into the 15% tax bracket from the 25% you are now in as single. Although, if you have enough mortgage interest, etc., you might already be there. Whether or not you would have enough savings to offset the loss of disability income can only be determined by having all the numbers.

You might try the H&R Block website and use their tax calculator.

http://www.hrblock.com/taxes/tax_calculators/index.html

Otherwise any tax professional can help you.

[erchess]

Consider these factors

You don't say what State you are in and I don't know the rules for any state except NC but there are States that recognize "Common Law Marriages" and I think that in at least some of them if you live long enough with someone you could marry then you come to be viewed by the State as being married and incur the obligation to tell any government programs which care that you are married.

Second, there are houses of worship that will be glad to celebrate your marriage and view you as a married couple without looking into whether or not you get married in the eyes of the government.

[Black Bart]

Trying to find out if my girlfriend and I would be able to make it financially getting married. If not we probably won't...I have a decent salary (60-70K)...mortgage with 2nd mortgage...drive...350 miles to work...what would our tax situation look like if we married...Are there credits etc. that would help out...our decision will ride on this.

Look, you're asking for tax help and saying that our advice will decide major lifestyle issues for you. Nobody wants to be responsible for that without adequate information (or adequate pay, for that matter) and that's why we say "See a tax pro." While your $60K-$70K sounds great to me and maybe your mortgages would be $800 per month here (Arkansas), could be you're in New York or California where maybe $70K is chickenfeed and mortgages are in the thousands. Your gas expenses would be about $75 a week (not bad), but I can't think of a lot of extra credits you'd get for your girl's disability unless you usually have enough itemized deductions that the medical expenses would do some good. Still, you may have other good deductions that we don't know about.

Anyway, the thing to do is take all your papers and go talk to a tax pro. It doesn't make sense to marry/not marry on the basis of a vague internet discussion.

...my girfriend...receives disability...would lose quite a bit of it...without it, we would likely go bankrupt.

To me, if this statement is literally true, then the case would require no further discussion.

[taxea]

Marriage - benefit of filing jointly - disability

1. if I were your girlfriend I wouldn't marry you because you appear to be more concerned about the financial aspect of having me around than you are about me.
2. You need to get and read Dave Ramsey's "Total Money Makeover.
3. Your girlfriend needs to dump you

[JohnH]

Show this entire thread to your girlfriend & ask what she thinks about everything you said as well as the responses. She may relieve you of the decision concerning whether or not to get married. That would also save you the cost of having to pay a tax pro to run the numbers for you, although that is what you need to do if you really want to know how your finances will be affected.

[Lion]

Decisions

You should not make a life-changing decision based on a single topic, such as taxes. However, you are right to look at the tax implications as part of the total picture. And, we are right about sending you to a tax pro to run the numbers for you or suggest you take your latest return and redo it as if married. You've heard about a tax penalty, but that's usually with two people who both have taxable income. If your maybe-wife won't have taxable income, you might get a marriage tax break instead. Might. Work out the numbers or hire a tax pro -- it'll be worth the cost to have one more piece of the puzzle to work with.