Married...file taxes jointly or separate?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
JDcand
Posts: 10
Joined: Fri Dec 30, 2011 5:43 pm

Married...file taxes jointly or separate?

Postby JDcand » Fri Dec 30, 2011 6:36 pm

Trying to bring in the new year right. Does anyone know whether it's more advantageous to file taxes jointly or separate if you want to maximize financial aid.

I'm out of school and earn average entry-level salary. Wife is grad student earning very little and has her own student loans. Any advice? Thanks.

sidhesadie
Posts: 454
Joined: Mon Jul 12, 2010 4:54 pm

Re: Married...file taxes jointly or separate?

Postby sidhesadie » Fri Dec 30, 2011 6:48 pm

As far as your financial aid, it probably won't matter. Most law school aid isn't need based, anyway. Many schools who want your financial info want your spouse's income information regardless of how you filed your taxes. Some even want your parents, no matter what, on the school's app (not the FAFSA, obviously)

It's generally more advantageous to file joint, there are a very few situations where separate is better but you're probably not in one of them. If you file separate, there are a lot of credits you aren't eligible for.




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