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Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
canafsa

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Postby canafsa » Wed Jan 25, 2017 3:14 pm

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Last edited by canafsa on Sun Feb 12, 2017 12:22 am, edited 1 time in total.

Blue664

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Re: Married couple with 1 income - file separate taxes for better outcome?

Postby Blue664 » Wed Jan 25, 2017 3:25 pm

It probably depends on the school, but you may not have a choice? HLS for example, has pretty detailed information on their website regarding how much of your spouse's income and assets they will count as being available for paying for law school. I wouldn't file separately though, given the certain tax hit and uncertain benefit from a financial aid perspective, if any. I would rather just send a detailed letter to the school explaining the circumstances so they can put that in your file?

CPA-->JD

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Re: Married couple with 1 income - file separate taxes for better outcome?

Postby CPA-->JD » Wed Jan 25, 2017 3:26 pm

canafsa wrote:It would cost us approximately $7,000 to file separately - would there be any benefit to doing so when it comes to need-based aid? My spouses income isn't going towards my schooling, and we will likely be living apart, so I'd like a means of communicating this to the aid offices.

FYI you can always amend your return if you aren't happy with the results.

canafsa

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Joined: Sun Sep 04, 2016 2:50 pm

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Postby canafsa » Wed Jan 25, 2017 3:30 pm

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Last edited by canafsa on Sun Feb 12, 2017 12:22 am, edited 1 time in total.

CPA-->JD

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Re: Married couple with 1 income - file separate taxes for better outcome?

Postby CPA-->JD » Wed Jan 25, 2017 3:37 pm

canafsa wrote:Thank you both. I'll draft a letter outlining my circumstance and keep in mind that amending the application is a possibility. This letter would be sent directly to the school's aid offices I presume?

I meant you can amend your tax return later on if you aren't happy with the aid you get and want to recoup your loss.



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