I can find a lot of resources that talk about the impact that different filing statuses have on student loans (example1, example2). My wife is pursuing a Public Service Loan Forgiveness, meaning the balance of the loan is irrelevant to us. As such, we've previously been advised to use an income based repayment option.
If we file jointly, my (higher) income increases her payments. However, if we file separately, the amount of taxes we pay is much higher.
My question is, what prevents me and my wife from amending our prior year taxes and refiling as jointly? It's 2023 now, so on our 2022 taxes we'd file separately and use that to determine her loan payment based on just her income and amend it the following year so that we get all the tax benefits of being married filing jointly?
We would save many thousands of dollars each year by doing this.
I can find things that say I can do this:
Note: Once the tax return has been filed as Married Filing Separate (MFS), you have three years from the original deadline to make the change to the tax return. This deadline DOES NOT include any filing extensions.
This feels like cheating...but why isn't everyone pursing the various types of loan forgiveness just amending their returns?