I want to know if filing MFS is a good strategy on the idea that a lower income would qualify me to receive FAFSA funds for my college bound kid?
The only reason I want to file MFS is my husband got a considerable bump in his income last yeat that my son who's a College sophomore didn't get awarded any Fafsa funds.
I was given advice that I can legally file MFS to depend solely on my income and add my son as my dependent. In that way, I can claim a lower income when filing his FAFSA. I don't want to do things illegally and I was hoping this strategy works.
We refinanced my home last year, so when we itemized, I was willing to give my husband all the credit for the 1098 mortgage, and I claim zero, but TT automatically picks standard deduction. So, that means my husband can't claim the 1098 credit if he files standard also. If he files itemized, I can't file itemized.
That's my dilemma.