Want to ask a different question?
My husband and I are paying on his 25,000 student loan and will soon have to start on my 110000 loan. We have a family of 5- I have to include his income when applying for IBR, but what about his loan payments that we are making? what is my best option? his loans are 310/mo and mine would be 1200 or 721 with IBR. I am a social worker and make around 40K
Mr. Kantrowitz,
Would I need to amend my taxes for this year or just file my taxes next year as "married filing separate"?
Thanks for you help.
Yours and his loans are treated separately. If you file your income tax returns as married filing joint your income is combined for IBR. If you file as married filing separate, only your own income will be considered for your loans.
If you will be pursuing public service loan forgiveness, it would be advantageous for you to file as married filing separate so that only your income is considered when calculating the monthly payment on your loans.
The first year there would likely be an "Alternative Documentation of Income" form (which is not yet available). It is still possible that you would have to file an amended return, but I'd suggest first asking the lender what you should do.