Sentences with phrase «filing joint returns»

According to the IRS, the home buyer tax credit now phases out for individuals with modified adjusted gross incomes between $ 125,000 and $ 145,000, and between $ 225,000 and $ 245,000 for people filing joint returns.

Filing joint returns allows for different deductions and costs, so it is important to determine what your status will be.

In 2018, the threshold for paying the highest premium falls to $ 160,000 (or $ 320,000 for couples filing joint returns).

IF you're going to redefine «marriage» for the purpose of visiting someone in the hospital, obtaining equal access to health benefits, filing joint returns, then look at the entire legal definition.

NEW PLAN The standard deduction is temporarily increased to $ 12,000 for singles and $ 24,000 for married couples filing joint returns.

The «doubling» of the standard deduction (to $ 24,000 for married couples filing joint returns) is offset in part by disallowing personal exemptions.

In 2017, the 28 percent AMT rate applies to excess AMTI of $ 187,800 for all taxpayers ($ 93,900 for married couples filing joint returns).

If a married couple operates a venture in which each materially participates and they file a joint return, they can opt not to file Form 1065.

(Sec. 11021) This section temporarily increases the standard deduction to $ 24,000 for married individuals filing a joint return, to $ 18,000 for head - of - household filers, and to $ 12,000 for all other taxpayers.

(Under current law, the standard deduction for 2017 is $ 6,350 for single individuals and married individuals filing separate returns, $ 9,350 for heads of households, and $ 12,700 for married individuals filing a joint return and surviving spouses.)

In determining a taxpayer's eligibility to claim a dependency exemption, these proposed regulations change the IRS's position regarding the adjusted gross income of a taxpayer filing a joint return for purposes of the tiebreaker rules and the source of support of certain payments that originated as governmental payments.

For the tax - year 2008, Congress raised the alternative minimum tax exemption to the following levels: $ 69,950 for a married couple filing a joint return and qualifying widows and widowers, $ 34,975 for a married person filing separately, and $ 46,200 for singles and heads of household.

The same goes for a Roth IRA, as long as your income is not above the limits (the ability to contribute to a Roth IRA starts to phase out at $ 186,000 for 2017 and $ 189,000 in 2018, if you are married and file a joint return.

To claim the full value of the credit, you must make $ 65,000 or less, or $ 130,000 or less if you file a joint return.

For 2017, the amount of your student loan interest deduction is gradually reduced if your modified adjusted gross income is between $ 65,000 and $ 80,000 ($ 135,000 and $ 165,000 if you file a joint return).

You can't claim the deduction if your modified adjusted gross income is $ 80,000 or more ($ 165,000 or more if you file a joint return).

If you are married and file a joint return you may be able to contribute to a spousal IRA if you did not have taxable compensation, as long as your spouse did.

An individual who is physically or mentally incapable of self - care, lived with you for more than half of the year, and either: (i) is your dependent; or (ii) could have been your dependent except that he or she has gross income that equals or exceeds the exemption amount, or files a joint return, or you (or your spouse, if filing jointly) could have been claimed as a dependent on another taxpayer's 2015 return.»

If half of your benefits plus your other income exceed $ 25,000 ($ 32,000 if married, filing a joint return), then 50 percent of your Social Security benefits are taxable.

Additionally, their employees will pay no state personal income taxes for the first five years in the campus zone; in the second five years, employees will pay no state taxes on annual income up to $ 200,000 for individuals, $ 250,000 for heads of household, and $ 300,000 for taxpayers filing a joint return.

So, if your child gets married in late December, she is treated as being married for the entire year, and therefore can file a joint return with her spouse.

If you file your return as married filing separately, and then decide you would rather file a joint return, the IRS allows you to change your filing status.

If you file a joint return, you can not amend it to married filing separately status after the tax return due date.

To qualify as either one, the child generally can't file a joint return with a spouse.

For this reason, certain married people choose to file joint returns.

Although the IRS says you don't have to file Form 1310 if you are a surviving spouse filing a joint return, you probably should file the form anyway to head off possible delays.

If you filed a joint return but you were not responsible for your spouse's debt, you may be able to get your portion of the refund.

In 1920, their tax - filing options were: file a joint return showing $ 12,000 of taxable income, or file separate returns:

If you did not change your name with the Social Security Administration before the filing deadline, you can file a joint return with your spouse using your old name (the one that matches your Social Security Number) and then file the SS - 5 before next year's filing season.

If you are married and file a joint return, you can count your spouse's taxable compensation, reduced by your spouse's IRA contribution, when figuring your IRA contribution limit.

The tax return form and IRS Publication 915 contain the rules for calculating the MAGI when the filing status is married, the couple file a joint return and only one of them receives Social Security benefits.

If filing a joint return, enter your spouse's name and Social Security number.

Another concern for couples that both work is whether the other spouse's income impacts their ability to collect benefits especially when a couple files a joint return and the joint income exceeds the $ 14,640 earnings limit.

If your spouse's compensation is $ 60,000 and your spouse contributes $ 5,000 to an IRA, that leaves $ 55,000 in taxable compensation that you can use to qualify to contribute to an IRA as long as you file a joint return.

As long as you're at least 65 years old, file a joint return if married, and meet other income requirements, it can be a valuable tax reduction tool.

For example, if your son and his spouse file a joint return because one or both of them had money withheld from their paychecks, but did not make enough to be required to file a return or owe any income taxes, you could still claim your son — and even his wife — if they meet all the other tests.

If the taxpayer was married, the widow or widower may file a joint return for the year of death, claiming both personal exemptions and the full standard deduction, and using joint - return rates.

Even if you or your spouse had no income or deductions, you can still file a joint return.

A married child won't meet the requirements to be a qualifying child or qualifying relative unless the child doesn't file a joint return or, if filing a joint return, only does so to get a refund of income taxes withheld or estimated tax paid.

However, if your modified adjusted gross income (MAGI) is less than $ 80,000 ($ 160,000 if filing a joint return), there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education.

If you are filing a married filing joint return, it must be signed by both spouses.

There are phaseout income limits that apply to «professional services» business owners such as lawyers, doctors, and consultants, which are set at $ 157,500 for single filers and $ 315,000 for pass - through business owners who file a joint return.

If you're married and file a joint return with your spouse, then each of you is allowed to claim a personal exemption.

If you're filing a joint return - it will be based on 6013 (g), not 6013 (b).

Potentially, did you file a joint return?

Hello Mr.Robert Farrington i have filed Married - Filing Joint Return tax but today i checked «where is my refund» and it shows me this message:

Married couples who file a joint return can file for the full credit if they have MAGI of less than $ 150,000.

You and your spouse may file a joint return or married filing separate tax returns.

You must be a U.S. citizen or resident alien for the whole year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return.

If you are legally married by the last day of the tax year and your spouse consents to filing a joint return, you can choose the married filing jointly status.