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re: Newly married filling taxes next year
Posted on 9/19/17 at 10:37 am to LSUFanHouston
Posted on 9/19/17 at 10:37 am to LSUFanHouston
quote:True, but if you are enrolled in an income driven repayment plan for your student loans, it may be cheaper to file separately because only your income is used to determine your student loan payment.
You are not allowed to deduct student loan interest if you file Married Filing Seperately
edit: Unless you live in a community property state, like LA, then it's half you and your spouse's adjusted gross income.
This post was edited on 9/19/17 at 10:40 am
1
Posted on 9/19/17 at 4:45 pm to jturn17
quote:
edit: Unless you live in a community property state, like LA, then it's half you and your spouse's adjusted gross income.
IBR will only calculate using your income if you file separate federal returns, regardless of the state you live in.
And correct, this is useful and could offset the paltry $2,500 student interest deduction. And as mentioned, if you wouldn't qualify for any of these deductions or credits anyways filing jointly, it starts to make a lot more sense to file separately.
This post was edited on 9/19/17 at 4:48 pm
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