The Student Loan Debt Forum | The College Investor

Student Loans => For Parents => Topic started by: hlwebb01 on February 09, 2017, 07:22:21 am

Title: Filing taxes separately for an Income Contingent Repayment plan
Post by: hlwebb01 on February 09, 2017, 07:22:21 am
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?
Title: Re: Filing taxes separately for an Income Contingent Repayment plan
Post by: TheCollegeInvestor on February 09, 2017, 09:44:56 am
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/