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Married Filing Jointly vs Separate

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  • Married Filing Jointly vs Separate

    Hello everyone -- long time reader, first time poster.

    I have a few questions that I'm hoping to get answered on this forum. I've read through the other forums discussing this issue, but it seems that no one's situation is quite like mine.

    I am in my last year of residency and currently making ~$75k and will start making ~$200k in July. I have made 3 years of REPAYE payments and 6 months of payments through PAYE (filed MFS last year). My wife is in her second year of her staff position in a higher earning position (~300k). She deferred her loans throughout residency and has 1.5 years of payments made. We both plan to pursue PSLF.

    We also employ a nanny and used a payroll company to help with these taxes.

    We both max out our 403(b) accounts and save $12,000 with backdoor Roth contributions.

    Would it make better sense for us to file MFJ or MFS? Do you all think I should use an accountant this year?

    Thank you for all the help!

  • #2
    This is absolutely a situation where you just need to run the numbers yourselves or pay someone to do it for you. Either tax software, accountant, or student loan advisor.


    • #3
      Do you live in a CP state? If so, prob won't make any difference if you do MFS. Otherwise, you need to run the #s, as recommended by jhwkr542
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087