@maiad49 wrote:
Thank you for your concern regarding the separate filing. Believe me, I'd love to save half the work!
We're phased out of most credits due to our income and need one of us has student loans on public service loan forgiveness and need to show less income to get a small decrease in monthly payment.
Yes, income based student loan payments is probably one of the only reasons to file separately. But often looking at the long-term (spread over years), getting the loan paid off vs. extending it with lower payments (and paying more income tax in the mean time) usually works out in favor of getting the loan paid off sooner.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
