Polygamy Tax -- Good News!
It's tax time, and this year the news was good. Karen and I did a marriage transfer last year, so this year I'm legally marriage to Lisa, who I support. We expected the transfer to significantly lower our taxes, and it did.
Lisa and I went to H & R Block and met Doug, a retired auditor for the IRS who was supplementing his income. We decided to come fully "out" and see what happened. "This is my wife Lisa, and we're polygamous. You'll meet my wife Karen next week." I showed him a photo of the three of us.
This was Doug's first contact with polygamy, and he was interested. After the understandable confusion and reassurance that only one wife was legally married, he dived in and prepared our tax return. Lisa and I filed jointly, and Karen filed separately.
When the smoke cleared, Lisa and I had a $6,000 refund, and Karen owed $2,500. I immediately wrote her a check for $3,000. So we had a $3,500 refund altogether.
Last year, with roughly the same income and expenses, we had just about no refund. So being polygamous saved us $3,500 this year, which in addition to my recent promotion is even more reason to celebrate!
The bottom line -- if you're polygamous, legally marry your poorest wife! Don't do this just to save money, though, since the IRS might object. Find another legitimate reason. And don't be afraid to tell your tax preparer that you're polygamous. He/she might be able to help you, since it's their job to suggest ways to save you money.
Lisa and I went to H & R Block and met Doug, a retired auditor for the IRS who was supplementing his income. We decided to come fully "out" and see what happened. "This is my wife Lisa, and we're polygamous. You'll meet my wife Karen next week." I showed him a photo of the three of us.
This was Doug's first contact with polygamy, and he was interested. After the understandable confusion and reassurance that only one wife was legally married, he dived in and prepared our tax return. Lisa and I filed jointly, and Karen filed separately.
When the smoke cleared, Lisa and I had a $6,000 refund, and Karen owed $2,500. I immediately wrote her a check for $3,000. So we had a $3,500 refund altogether.
Last year, with roughly the same income and expenses, we had just about no refund. So being polygamous saved us $3,500 this year, which in addition to my recent promotion is even more reason to celebrate!
The bottom line -- if you're polygamous, legally marry your poorest wife! Don't do this just to save money, though, since the IRS might object. Find another legitimate reason. And don't be afraid to tell your tax preparer that you're polygamous. He/she might be able to help you, since it's their job to suggest ways to save you money.
posted by Martin at 3:46 PM
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