Dealing with a tough situation here and was hoping I can get some advice.
Last year my wife and I were married. She is about to enter her 3 year of IBR on the PSLF program.
My wife has $100k in student loans. Being in the public sector, the obvious move for her at the time was to apply for IBR in the PSLF program in a “run out the clock” scenario moving towards having her loans forgiven after 10 years. Unfortunately now that we are married we are dealing with a Married Filing Separate vs Jointly problem.
My income is about $170k and I have no student loan debt. If we were to file jointly this would dramatically increase her monthly student loan payments, however if we file separately we lose a substantial tax savings. We are about to buy our first home and kids are only a year or two away. I feel like this is a catch-22 situation as we either dramatically increase our student loans by filing together or lose a ton of advantages in tax savings when you have a house and kids by filing separately. Filing separately is about the worst thing you can do in regards to taxes.
This seems like quite a unique situation given my high income and I can’t find any great advice out there. Hoping someone here can help. What do we do.
Thanks in advance
I am final, I am sorry, but I suggest to go another by.