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My wife and I file separate tax returns. The reason is she

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My wife and I file...
My wife and I file separate tax returns. The reason is she has an incredible amount of student loans and this allows us to use an income based repayment plan. Last year was the first time we did this. Years past we would receive about 3500-4000 back on our returns. Last year we (I) had to pay in about 900 and she got a nominal return of 75 or so. If we don't file separate to get the income based payment plan the monthly payment will be around 750 monthly.... Any suggestions on out to file separate and get best returns on taxes? Thanks.
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: We have 2 children, a farm that we are building a home on.
Submitted: 1 year ago.Category: Tax
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1/6/2017
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,334
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

If you file separate for whatever reason, you will be penalized for doing so. For most couples filing separate is the least advantageous filing status and eliminates many credits and deductions, including student loan interest and earned income credit. If you are married and share the same residence, your only choice is filing jointly or filing separate.

If you have children, have the one with higher income claim them. If you both have enough to itemize, again, have the one with higher income take most of the deductions. I would suggest to sit down with a tax professional who can use a tax projection software to allocate your deductions to maximize your refund. But do not expect 3-4K refund unless you had much more withheld from your paycheck throughout the year or paid estimates.

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Tax Professional: emc011075, Tax adviser replied 1 year ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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