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Re: Married couple with 1 income - file separate taxes for better outcome?
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?
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Re: Married couple with 1 income - file separate taxes for better outcome?
FYI you can always amend your return if you aren't happy with the results.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.
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Re: Married couple with 1 income - file separate taxes for better outcome?
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.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?
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