Tax Question
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13-04-2012, 06:30 PM
Tax Question
I am not sure where to put this, but this seems like the most appropriate, or at least the best place to get a good answer.

Anyways I have a tax related question.

Person 1 makes $40,000 a year and inherited another $50,000.
Person 2 makes minimum wage.

Completely fiscally speaking would person 2 be better off not working, so person 1 could claim them as a dependent? In other words, would the joint income after taxes of person 1 & 2 be better if person 2 did not have a job?
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13-04-2012, 06:53 PM
RE: Tax Question
You need to ask a pro. When I got the money from the sale of my dad's property it didn't count against me at all because it wasn't considered the sale of investment property or something such as that. It was noted on our taxes but since it was under the amount you mention, it had no effect.

With insurance and other funds from him I did end up with about 50K but it had no tax consequences because of the way it was paid out.

If you are paying out for daycare, the min wage worker would probably be fine to not work if they carry no other decent benefits.

See here they are, the bruises, some were self-inflicted and some showed up along the way. - JF
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