USA New Job, New House, Just out of School... and getting Married.... by year end?

[mlw333]

I am just out of school and beginning employment in October. I engaged to a fellow classmate who will be beginning employment in October. So we will both have less than three months income, or around $12,000 individually for the year. We were both enrolled full time in studies for 8 months. Rather than pay more for rent than we would a mortgage (and to beat the spring rush and gain on the low-interest rates), we are buying a house (~$175-200k) this fall with 3% downpayment. We will both make around $60,000 a year individually. I have $20k in student loans. He has $50k. All loans are on fixed payment plans. We are getting married on January 1st, 2020. The question I would like to ask, is would it benefit us to go to the courthouse the week before to get legally married in 2019?

 

[kirby]

TPC Releases Updated Marriage Penalty and Bonus Calculator For 2018, Including The TCJA

Just in time for wedding season, the Tax Policy Center has released an updated version of our Marriage Bonus and Penalty Calculator . The calculator...

www.taxpolicycenter.org