Filing taxes during 4th year

[southerngirl1]

I have heard that I should file taxes during my 4th year of med school to give me an extra 6 months of $0 repayments during intern year but my parents usually file their taxes and add me as a dependent. Will that suffice or should I file myself this year as an independent?

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[Igor4sugry]

The reason $0 repayment for 1st year of IBR occurs is because your AGI during med school (assume you are not working) is zero (if filed individually). You should file your own taxes. Your parents are adding you as a dependent because it lowers their taxes.

 

[RIPSanto]

What about filing separately from a spouse? I am an MS4 and my spouse has a full time job. We usually file jointly, but if this years taxes determine my IBR for next year, should I consider filing separately.

 

[maxxor]

What about filing separately from a spouse? I am an MS4 and my spouse has a full time job. We usually file jointly, but if this years taxes determine my IBR for next year, should I consider filing separately.

does your spouse have debt of their own that could be IBR/PAYE eligible?

 

[RIPSanto]

does your spouse have debt of their own that could be IBR/PAYE eligible?

Minimal- maybe like 2500-3000 of undergrad loans

 

[maxxor]

Minimal- maybe like 2500-3000 of undergrad loans

You would need to run the numbers. Filing separately loses lots of deductions and advantages (Eg, can't contribute to a Roth IRA, tax rate is higher, etc).