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Tax filing advice on REPAYE for married couple

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  • Tax filing advice on REPAYE for married couple

    I have a question on what would be the best way to file my taxes this year.

     

    As a first year resident, I just started the REPAYE income based repayment program in Nov-Dec 2017. Of course my last year's salary was 0$ (in med school) so I have 0$ payments now. My wife also just started REPAYE for 30K$ in leftover nursing school loans for which she is paying 20$ per month on. We rent our house.

     

    Me: 3K$ in Roth 401K, 15K$ in Roth IRA, 50K$ salary since July, 320K$ med school debt

    Wife: 10K$ in traditional 401K, ~50K$ salary (1/2 from another state since we moved), 30K$ nursing school debt

     

    How should we go about filing our taxes this year? We obviously don't have enough deductions to deduct more than the 12K$ standard deduction. All of my retirement accounts are Roth but hers is traditional. What forms should we use to file taxes and should we do it online (turbotax vs state tax site vs other)?

    New to filing taxes but wanting to learn, especially as my salary increases and financial situation becomes more convoluted. Appreciate any advice. Thanks, Tyler

  • #2
    Since you are on REPAYE there is no benefit in filing separately. I would use TurboTax in your situation and file online. You could select the appropriate forms if you want to commit some time to it, but it’s probably not worth the trouble.

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