Q. I was wondering if it would make sense to get our marriage license sooner (sometime this year) rather than later for tax purposes.
A. Simple answer: Yes. As you apparently already know, Married Filing Jointly (MFJ) puts you in a lower tax rate and a double standard deduction. In addition, there is a $2000 tuition credit that you claim on her tuition payments.
But taxes aren't simple. For example unmarried couples with children, in lower tax brackets come out better filing single. One usually even qualifies for Head of Household (not as good as MFJ, but better than single). The only way to be sure is prepare returns both ways and compare. This is more easily done with the download version of TurboTax rather than the on-line version. Or you could Try this tool https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1
Q. Is there any kind of tax break for incurring this debt and the ensuing interest payments?
A. Yes. Interest paid is deductible, up to $2500. The student loan interest deduction is an "above the line" adjustment to income. You do not need to itemize to get it. That is, you get it in addition to the standard deduction.
