We have been filing jointly, but want to change to singly, so that only one spouse's income is used. Would that work, or does it need to be eg for the last two years? And do we need to waituntil we get our(singly) tax return before consolidating?
It's definitely an option but you should consult with a tax professional first because you could pay significantly higher taxes, which might not make it worth it. Here's an article that breaks it down: https://thecollegeinvestor.com/17807/the-math-behind-married-filing-separately-for-ibr-or-paye/