Question about taxes and Income based repayments

[ClinPsychEnthus]

Hey everyone!

As I get ready to file my taxes for the cycle when I start repaying, I was wondering if anyone has some information and/or experience with whether my partner and I should file married and together, or married filing separately? Does anyone have info about the advantages/disadvantages of either?

Thanks for your help!

---

Members don't see this ad.

 

[erg923]

My wife is on it, and we simply had our account do the numbers both ways and advise based on that. That would be my suggestion.

 

[ClinPsychEnthus]

My wife is on it, and we simply had our account do the numbers both ways and advise based on that. That would be my suggestion.

Thanks for the response- who do you mean by your "account," bc I'm trying to figure out if I should talk to my school, my tax guy, etc.

 

[erg923]

She's a CPA.

 

[AcronymAllergy]

Check the IBR rules to see if one filing option vs. the other (or both) will affect your monthly repayment amount. I'd imagine married filing jointly would (i.e., your IBR monthly payment would be based on your combined income, which depending on how much your spouse earns, might negate the IBR aspect altogether) whereas married filing separately might not, but I'm no tax expert.

 

[ClinPsychEnthus]

She's a CPA.

Thanks for clarifying