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Is the Married Filing Separately Health Insurance Penalty Worth It? How to Minimize the Impact

Student Loan Planner

Your tax filing status can impact the amount of taxes you owe by making you eligible (or ineligible) for various tax credits and deductions. It can also affect your student loan payment, as some income-driven repayment (IDR) plans allow you to exclude spousal income if you file tax returns separately.

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How to Decide When to Use Married Filing Separately on Your Tax Return

Student Loan Planner

In the United States, it’s important to consider your tax filing status when preparing your tax return. After all, the credits and deductions you’re eligible for — and the income tax you pay to the IRS — are based on how you file your taxes.