My fiancee and I are getting married in October, but we're considering holding off on being legally married until April.
My income of about 50K comes in untaxed, and after a lot of our funding for the wedding has been pulled for family issues, I've had to pull out all of my savings that I have been putting away for taxes to pay for a lot of the things we've already signed contracts for. So now, after our wedding, I'm going to be struggling to build that income back up to where it should be. I'm estimating I need to put back about one third of my total earnings.
My fiancee makes about 40K, so I dont think we move to a lower income tax bracket if we file jointly. Also, she has just graduated and has about 75K in loans to pay back, and she has to pay relative to her income. I'm afraid that if we're legally married, they'll want to consider my income as well and raise her payment rates. We simply can't afford to pay more for her loans and reestablish nearly 20K in savings in only a few months, so I'm thinking it may be best to just wait it out and sign the paperwork after I've paid everything back in April. Of course I want to tackle our debt ASAP, but I need to get these tax funds built back up first. Once we have got out of this pickle, paying loan payments and putting back tax savings won't be an issue, but the wedding funding has thrown a wrench into things for now.
Does anyone have any advice? Am I correct in thinking that submitting our marriage documents will only hurt us for now? Do I have other options I've not yet considered?
Thanks for your time!
Submitted August 20, 2017 at 11:09PM by Namilrab http://ift.tt/2ihvaW2
