Getting Married Need Advice!

[daddypoe]

First of all I live in Minnesota.

I'm planning on getting married soon and the question is should I get married this year or next year? We have 2 kids (just had 2nd one 2 weeks ago). I make $70K before taxes, deductions, etc. She is only going to make about $20-$30K this year with having the baby and taking time off. Do we get married this year or do we get married next year so that way she can claim both children and take advantage of the EIC? Just seeing what makes most sense for us financially. If any additional info is needed just let us know. We own a house and other than that nothing complex. Just a 401k (what ever is left of it lol). No other investments or properties. Only other thing would be interest on student loans. Thanks everyone!

[davew128]

My advice on marriage is to not do it.

[LdiJ]

Originally Posted by daddypoe

First of all I live in Minnesota.

I'm planning on getting married soon and the question is should I get married this year or next year? We have 2 kids (just had 2nd one 2 weeks ago). I make $70K before taxes, deductions, etc. She is only going to make about $20-$30K this year with having the baby and taking time off. Do we get married this year or do we get married next year so that way she can claim both children and take advantage of the EIC? Just seeing what makes most sense for us financially. If any additional info is needed just let us know. We own a house and other than that nothing complex. Just a 401k (what ever is left of it lol). No other investments or properties. Only other thing would be interest on student loans. Thanks everyone!

In all reality, your tax savings in filing jointly might be greater than the amount of EIC that she might earn....particularly if she makes 30k. Take your 2008 tax return and re-run it as married filing jointly, with the kids and with 30k income for her, and then 20k income for her. Then run an example return for her doing the same thing. Then compare the results.