My wife and I are married and live together, currently expecting our first child. There's a sizable income disparity my gross is around $200k, hers is roughly $45k. Who should claim the child on the returns?
In case it's relevant we can't file jointly due to student loans. She's on income driven repayment and if we file jointly her payments are based off our combined income but without my own student loan expenses factored in. If we fine jointly she ends up with a payment of roughly $1,200 a month, currently it's at $180, that comes out to roughly $12,000 more annually in loan payments.
