Marriage

[Twentytwelve2]

Pharmacists make six figures. I make around 190,000 after 401k. I am getting taxed so heavily (California) and with student loans to boot. Does marriage (to someone of lesser income) make a big difference for you all? The 2018 bracket listed up to 315,000 thousand dollars to reside in the 24% bracket. Whereas I am at 32% with my sub 200,000 gross income. I have been together with my SO for over 3 years. Is it a good decision?

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[JustFillIt]

Pharmacists make six figures. I make around 190,000 after 401k. I am getting taxed so heavily (California) and with student loans to boot. Does marriage (to someone of lesser income) make a big difference for you all? The 2018 bracket listed up to 315,000 thousand dollars to reside in the 24% bracket. Whereas I am at 32% with my sub 200,000 gross income. I have been together with my SO for over 3 years. Is it a good decision?

The answer to this question is not based off of finances. If the woman says get married you better just do what your told. That’s what I did anyway..

 

[lord999]

Sigh, that's not a question that you want someone other pharmacists' opinion on. If marriage is strictly about a financial circumstance, you need to check with an accountant or tax attorney. It is going to matter what sort of assets are considered community property in CA (as I am aware that CA has really weird family law issues). It is going to matter though if you have children, there are legal aspects of cohabitation versus marriage that very much favor marriage from the child's legal point of view (not moral or spiritual although that helps).

 

[PharmDBro2017]

Does marriage (to someone of lesser income) make a big difference for you all? No.

If you've found the person to marry, their income shouldn't matter. Get a pre-nup if you're that concerned.

 

[mentos]

You end up losing money if you get married (Google the "marriage tax") but if that is the only thing you are concerned about then you're not ready.

 

[spacecowgirl]

Like should you get married to lower or raise your tax bracket? What a weird question. There are also economic and legal benefits some of which may not be applicable until you are much older. Or you commit a crime and she can't testify against you.

 

[BenJammin]

I took a huge hit in the tax bill by getting married. Say goodbye to your tax refund.

 

[alpha12]

You end up losing money if you get married (Google the "marriage tax") but if that is the only thing you are concerned about then you're not ready.

That's only for the highest bracket. I dount that is a situation most pharmacists are in. 😉

 

[DokterMom]

😳😵
If you'd let non-critical financial considerations sway your decision, then NO, don't get married, because you're insufficiently committed and she deserves better.

 

[Rxcoffee]

Pharmacists make six figures. I make around 190,000 after 401k. I am getting taxed so heavily (California) and with student loans to boot. Does marriage (to someone of lesser income) make a big difference for you all? The 2018 bracket listed up to 315,000 thousand dollars to reside in the 24% bracket. Whereas I am at 32% with my sub 200,000 gross income. I have been together with my SO for over 3 years. Is it a good decision?

Sorry I don’t have anything to contribute to your post but can’t help but ask .. what do you do as a pharmacist to make that kind of money(190K) ???

 

[JustFillIt]

I took a huge hit in the tax bill by getting married. Say goodbye to your tax refund.

Apparently you didn’t have kids? I went and had a whole bunch of kids and I get sweet tax returns.

 

[BenJammin]

Apparently you didn’t have kids? I went and had a whole bunch of kids and I get sweet tax returns.

Isn't the child tax credit $2k? No way am I gonna have her pop out 2 kids so I can end up not owing taxes in April

 

[JustFillIt]

Isn't the child tax credit $2k? No way am I gonna have her pop out 2 kids so I can end up not owing taxes in April

How old are you? You have no kids? I have lost count of how many kids I have. But yes it makes tax season very bullish for me.

 

[confettiflyer]

It wholly depends on what your spouse does for income. The best situation is if your spouse is an independent contractor or runs their own small business.

You can incorporate and run their income as a pass-through entity and offload a lot of expenses under the guise of business expense (assuming you’re aggressive)

That will neuter the income side of things and provide other areas you can shelter money.

It’s complicated.

 

[BC_89]

Does marriage (to someone of lesser income) make a big difference for you all?

No.

 

[Momus]

Pharmacists make six figures. I make around 190,000 after 401k. I am getting taxed so heavily (California) and with student loans to boot. Does marriage (to someone of lesser income) make a big difference for you all? The 2018 bracket listed up to 315,000 thousand dollars to reside in the 24% bracket. Whereas I am at 32% with my sub 200,000 gross income. I have been together with my SO for over 3 years. Is it a good decision?

This guy kaiser.

 

[BidingMyTime]

Apparently you didn’t have kids? I went and had a whole bunch of kids and I get sweet tax returns.

This! Having lots and lots of kids is the best way to lower your taxes. Plus, if you raise them right, you always have one around to take care of you in your old age and keep you out of the nursing home.

 

[JustFillIt]

This! Having lots and lots of kids is the best way to lower your taxes. Plus, if you raise them right, you always have one around to take care of you in your old age and keep you out of the nursing home.

Haha! You read my mind buddy!

 

[MilknCheerios]

One's decision to marry someone should not be based on tax incentives/penalties. If you love someone and you can't see your life without that person, then go ahead. I'm not being naive to suggest that finances isn't a part of any successful marriage, but it shouldn't be the deciding factor either.