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I am on an income based repayment plan for my student loan s. Would it make sense to file my taxes to keep my student loan monthly payment lower?

Forum|Forum|7 years ago
June 5, 2019
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Best answer by SweetieJean

How does the formula work for married borrowers? Your spouse’s income is included in calculating monthly payments even if you file separate tax returns. However, a borrower may request that only his/her income be included if the borrower certifies that s/he is separated from his/her spouse or is unable to reasonably access the spouse’s income information. (See Section 4 of the IDR application and recertification form).

http://www.studentloanborrowerassistance.org/repayment/federal-loans/payment-plans/income-based-opti...

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SweetieJean

Employee

File your taxes how? Married Separately, maybe?

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bwmccueAuthor

I was thinking of filing married but filing separately. Would that affect the student loan payment?

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SweetieJean

Employee

Possibly, but it could also hurt you taxwise.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4144453-is-it-better-to-file-married-jointly-or-married-separately">https://ttlc.intuit.com/questions/4144453-is-it-better-to-file-married-jointly-or-married-separately</a>

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xmasbaby0

Employee

If you file MFS you cannot get any education credits on your tax return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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SweetieJean

Employee

and keep in mind that IBRPs often last several years, during which your tax situation can change.

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SweetieJeanAnswer

Employee

How does the formula work for married borrowers? Your spouse’s income is included in calculating monthly payments even if you file separate tax returns. However, a borrower may request that only his/her income be included if the borrower certifies that s/he is separated from his/her spouse or is unable to reasonably access the spouse’s income information. (See Section 4 of the IDR application and recertification form).

http://www.studentloanborrowerassistance.org/repayment/federal-loans/payment-plans/income-based-opti...

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xmasbaby0

Employee

Don't know if filing your tax return will keep your student loan payment lower, but if you are required to file a tax return, you must do so, regardless of the effect on your student loan.

DO I NEED TO FILE A TAX RETURN?

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

Who has to file?

http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**