Improving Student Loan Outcomes When Filing Taxes Married Separately

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Recorded14 Feb 2024

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Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.Using income-driven repayment (IDR) plans toward student loan forgiveness can be a favorable way for optometrists to manage student loan debt. In this episode Evon talks about how strategically changing the way you file your taxes when married can improve the long-term math toward student loan forgiveness. He dives into how filing taxes married filing separately can exclude your spouse's income from your student loan calculation on an IDR plan and impact the family size for the calculation - as well as the tax consequences of changing your tax filing status. He also talks about how community property states open up even more planning opportunities for student loans when filing separately. Lastly, he talks about important considerations to keep in mind around the tax filing deadline and your recertification date. Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at [email protected] out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. Resources mentioned on this episode:Federal Student Aid - Income-Driven Repayment PlansFederal Student Aid IDR Plan Request Form PDFOptometry Money Podcast Ep. 89: 2024 Financial Updates Optometrists Need to KnowThe Optometry Money Podcast Ep 74: Student Loan Planning for Optometrists in 2023 and Beyond!The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

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