bballfanatic1

5+ Year Member
Jan 24, 2015
6
2
Status
  1. Medical Student
Hi all,

My future wife will still be a resident and then fellow for another three years while I am an attending. I am not in PSLF, but she is and has another 5 years in it.

Once married do you file "married filing single (MFS)" or "married filing jointly. (MFJ)" All the literature on this topic is very confusing, but it appears that filing MFJ will max out the PAYE portion of the IBR of the PSLF program to the 10 year repayment rate. FIling MFS will minimize her monthly payments for PSLF. However, the tax implications for me filing MFS looks like it would be a huge hit given the different tax brackets.

For those who have been in similar situations what have you done? Are there any resources besides hiring an accountant to do the math on this?

Thank you!
 

AMEHigh

10+ Year Member
Jul 25, 2008
2,233
2,623
Status
  1. Attending Physician
I’m not married anymore but you can just run the numbers both ways in TurboTax or Tax Act or whatever software you use and see which financially makes sense. Otherwise yes an accountant will be able to help you.
 

Birdstrike

10+ Year Member
Dec 19, 2010
7,863
8,206
Status
Hi all,

My future wife will still be a resident and then fellow for another three years while I am an attending. I am not in PSLF, but she is and has another 5 years in it.

Once married do you file "married filing single (MFS)" or "married filing jointly. (MFJ)" All the literature on this topic is very confusing, but it appears that filing MFJ will max out the PAYE portion of the IBR of the PSLF program to the 10 year repayment rate. FIling MFS will minimize her monthly payments for PSLF. However, the tax implications for me filing MFS looks like it would be a huge hit given the different tax brackets.

For those who have been in similar situations what have you done? Are there any resources besides hiring an accountant to do the math on this?

Thank you!
I'm not sure, but I've paid an accountant to worry about all of this for many years now. It can be expensive, but well worth the reduction in headache if you can justify the expense.
 
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Mbekweni

10+ Year Member
May 30, 2007
220
51
Status
  1. Attending Physician
Speaking of PSLF, has anyone actually heard of a single doctor that qualified AND was forgiven for their loans?
There is a PSLF group on facebook. Not many, but some with a few hundred K forgiven. So it has happened.
 
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DocEspana

Bullish
10+ Year Member
Mar 1, 2010
23,197
26,074
Miami
Status
  1. Attending Physician
Speaking of PSLF, has anyone actually heard of a single doctor that qualified AND was forgiven for their loans?

yes. but not in our field. EM doesn't lend itself to it. There definitely *are* such jobs that qualify. Plenty of them in fact. but theyre a minority and youd need to stay in the same job without taking any side gigs for 5-7 years depending on various factors about residency even if you applied as early as you could have.

Hospital employed internists (including specialists if they were smart enough to make their first job be hospital-employed) have been making out like bandits.
 
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Groove

Member
15+ Year Member
May 3, 2004
2,409
2,112
Status
  1. Attending Physician
Well, good luck to you guys that took the risk with PSLF. That's brave....like, Russell Casse flying into the mothership in Independence Day level of brave.



Except of course, he died in the endeavor. Hopefully, the rest of you return unscathed and minus your loans. I won't hold my breath though.
 

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