With one spouse having minimal income and being a student, and the other earning around 50k while paying off student loans, is it better to file jointly or separately?

[apok247028]

Hi, I graduated in August 2023. I have an annual income of 10k only. We got married in June 2023. I was technically a student even after we were married. I was an international student but we did petition to change my status in August. 

My husband earned almost $55,000 last year and was also paying off a student loan. We have a significant income disparity, but the higher earner is also paying off student debt. We're considering both joint and separate filing options to determine which is more advantageous for us.

Your suggestions are kindly appreciated. Thank you

[Bsch4477]

You would have to try both ways to see which is better.  

[apok247028]

If there’s any way you would know how to do that? We do not have a lot of money to get an advisor and get somebody to do tax again for us. We are planning to get someone to do our taxes tho. Would they give advice as well?

[Hal_Al]

You are almost always better off filing jointly*. But as the other reply indicated, the only way to be sure is to prepare returns both ways and compare.

If you use the download version of TT, instead of the online versions, you can do multiple returns for just one fee.

Or you can try this tool:   https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1

*Be aware, Many loan providers require you to file separately if you are asking for reduced loan payments based on your separate income.

Q.  We are planning to get someone to do our taxes tho. Would they give advice as well?

A. Yes, if they're experienced.    But,  beware "walk-in store front" preparers, during tax season.  There are many first year workers. That said, a MFJ vs MFS comparison is a relatively simple and routine procedure on a pro's computer.