I recently got engaged - we have a wedding/party date set for June, 2016 but are thinking that it may make sense to get legally married before the end of 2014 for tax reasons.
(living in Texas, if it makes any difference)
Me: take home pay of roughly 44k/year, about 2k remaining in low interest rate student loans, 90k house mortgage. Extremely stable job with pay gradually increasing yearly (teacher). Very low monthly expenses.
Fiance: graduate student finishing school in May, 2015, upon which she will have a job that could range from 25k to 35k starting salary, starting June, 2015 at the earliest. No debts whatsoever. She made less than 10k take home in 2014 from an assistantship through graduate school.
If I understand correctly, I am currently in the 3rd level of the tax bracket and she would be in the second (for 2014). Am I right that filing jointly would move us both into the 2nd level, therefor substantially increasing the potential tax refund? It seems like a good chance that this would also be the case in 2015.
Please respond based on the financial implications exclusively, the relationship is not up for questioning. She's an excellent partner...a fellow Mustachian after all!
Thanks!