topic Re: File together or separately in Get your taxes done using TurboTax

File together or separately

ntyme21 — Mon, 28 Jan 2019 16:18:50 GMT

My husbands income is 95K per year. My income is 55K a year. We have a college student as a dependent.

. We have no more mortgage. I have 109K in student debt. Is it best to file together or separately. Also,I am considering doing the income payment driven repayment plan until my income shifts. Please advise.

Re: File together or separately

IsabellaG — Mon, 28 Jan 2019 20:02:06 GMT

File together. You can't deduct student loan interest at all if your filing status is Married, Filing Separately. If you file a Joint return, your deduction will be phased out at Modified Adjusted Gross Incomes between $135,000 and $165,000. In most cases, filing a joint return is more advantageous.

Re: File together or separately

ZTaxPro — Tue, 29 Jan 2019 16:51:58 GMT

On top of what has been shared I would like to add that each situation is different. I would find a way to run your taxes both ways MFJ and MFS (either in software or have an accountant help). Pick the one that is best for both of you. You never know if MFS could be better until you run the numbers. That being said MFJ is often much better.