topic Re: filing jointly vs separately in Get your taxes done using TurboTax

filing jointly vs separately

ffmike1907 — Wed, 26 Mar 2025 23:25:47 GMT

we have took out some loans to pay for or kids college years. I am listed as the sole owner of the loans totaling just over 100k. I consolidated the loans and signed up for the PSLF program and was told that if we filed jointly, our monthly payment would double. Is that accurate? we have been filing separately for the past several years while under the PSLF program. we really would like to get some money back as retirement is only 2 years away.

Please help. should we file jointly or continue filing separately??

Re: filing jointly vs separately

MaryK4 — Wed, 26 Mar 2025 23:41:03 GMT

You can either file a joint income tax return with your spouse or file separately. Under the PSLF, they use your joint income if you and your spouse file a joint tax return and use only your income if you file taxes separately from your spouse.

Re: filing jointly vs separately

Mike9241 — Thu, 27 Mar 2025 01:41:56 GMT

As for the tax filing status itself, you’re pretty much trading off tax savings and deductions versus your monthly payment. Some people prefer filing separately to get a lower monthly payment, while others benefit more from tax savings by filing together even if the monthly repayment amount may be higher. This all depends on income, amount of your loans, etc. Consult a tax pro

Re: filing jointly vs separately

fsops — Thu, 27 Mar 2025 02:02:22 GMT

If you file jointly you run into problems with the loan, file separately but be prepared to pay more taxes, this is a catch 22.