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Considering federal tax consequences, is it more advantageous for my partner and I to get married or stay single?

My partner and I each earn about $70,000 annually. One of us is retired and receives a pension from the federal government and now works full-time. The other has a 20-year-old in college. Considering federal tax consequences, is it more advantageous for my partner and I to get married or stay single?

Marriage / Divorce, Retirement, Pensions, Taxes, Insurance
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April 2018

I'll let the other advisors answer the tax question- but I will throw in you might want to wait until you 20 year old has applied for their last year of financial aid for college before getting married.  Getting married would greatly increase you families income- and likely your assetts, this would likely increase the expected family contribution for your child college.  Meaning you will have to pay more for the remainder of his time in school.

Beyond taxes this could be a big deal breaker for most people when choosing to get married or not.

 

Best of Luck

 

David

April 2018
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April 2018
April 2018