First of all, the control is in your hands, not the parents. If you file a joint return with your spouse, you get your spouse's personal exemption and the parents can't claim her.
If you are ok with allowing the parents to claim her, then you would each file as married filing separately. That means two separate returns each listing your own income and deductions. She would check the box on her MFS return for "I can be claimed as a dependent by someone else." MFS has higher tax rates and many deductions and credits are limited or disallowed. Whether you lose more than the parents gain (this one last time) would have to be tested.
If you file MFS with turbotax online you will need two separate accounts and pay two separate fees, unless you qualify for free filing. Installing the CD or download version on your own computer and using it to prepare both returns may be more cost effective.
