mbpeddie
Employee Tax Expert

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Congratulations on your marriage!

To answer your question as to whether it is more advantageous to file married filing joint or married filing separate, while generally it is more advantageous as married filing jointly has a higher tax rate, especially if one has a higher income, there are circumstances when it may be more beneficial to file separately as in your case when you have similar incomes and also have student loan repayments.

If your student loan repayments are based on each persons income, married filing separate my make the payments more manageable. However the downside to this is that interest on student loan payments is not deductable if you file married separate.

The best way to determine which method is best for you is to prepare 2 married filing separate returns and compare to married filing joint.

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