Sentences with phrase «deduction as a married couple»

That's about $ 4,000 in annual mortgage interest at today's low rates, and far less than their standard deduction as a married couple.

Not exact matches

But certain «service businesses» such as consulting, engineering, law, medicine and financial services companies making more than $ 75,000 a year ($ 150,000 for married couples) are excluded from taking the deduction.

Instead, they will take the standard deduction, as much as $ 24,000 in 2018 for a married couple filing together.

As of publication, the standard deduction is $ 6,200 for individuals and $ 12,400 for married couples.

In some cases, such as a married couple filing separately with one taking itemized deductions, the standard deduction is not allowed.

Under current law, an individual earning less than $ 80,000 (or $ 160,000 for married couples filing jointly) may claim up to $ 2,500 as a deduction for interest paid on qualified education loans during the year.

When filing as married filing jointly, couples can record their respective incomes, deductions, and exemptions on the same tax return.

Under prior law, a married couple with $ 20,000 in deductions such as charitable contributions, mortgage interest, and state and local taxes would itemize rather than claim the $ 13,000 standard deduction.

For example: A married couple earns $ 350,000 of ordinary income and faces a marginal federal tax rate as high as 39.8 %: a 33 % tax bracket plus two percentage points for the phaseout of personal exemptions, one point for the phaseout of itemized deductions and a 3.8 % Medicare surtax on net investment income.

On the other hand, if your AGI is more than $ 73,000 as a single filer ($ 121,000 for married couples filing jointly), you are not eligible for a tax deduction.

In 2018, for example, if your modified adjusted gross income (AGI) is $ 63,000 or less as a single filer ($ 101,000 or less for married couples filing jointly), you can receive the full tax deduction.

For tax purposes, community property law treats most income and some (but not all) deductions of married couples as belonging half - and - half to each spouse.

First, change the tax laws that (a) restrict couples who are filing as «married filing jointly» from taking the student loan interest (SLI) deduction for both loans (right now, married couples can only take $ 2,500 total, even if both are paying and have more than $ 2,500 each in interest, whereas someone who is single can take $ 2,500 for himself / herself), (b) phase out the SLI deduction at higher incomes (why should someone making $ 110K be able to take the full $ 2,500, but someone making $ 130K should not?)

Service businesses such as law firms, doctor's offices and investment offices can take only the 20 percent deduction if they make up to $ 315,000 (for married couples).

So right now, you've got to have about 13, a little over $ 13,000 as a married couple to itemize your deductions, and if you don't have that much, if you give some more to charity, well you don't even get to deduct it until you get to those levels.

The standard tax deduction - what the IRS gives you even if you don't itemize - is $ 5,700 if you're filing as single and $ 11,400 for a married couple filing jointly.

For example, in 2017 the government authorized a $ 6,350 standard deduction for single taxpayers, $ 9,350 for those who file as head of household and $ 12,700 for married couples filing a joint tax return.

Married couples filing jointly can claim an amount that's twice as large, $ 12,700, and taxpayers filing as «head of household» (single individuals with dependents) can claim a standard deduction of $ 9,350.

As for a quick rundown on Trump's new tax proposal, he plans to reduce the tax brackets from seven to just three (12 %, 25 % and 35 %) and the standard deduction would be doubled to $ 24,000 for married couples and $ 12,000 for single filers.

The marital deduction law allows married couples to transfer an unlimited amount to their spouse without an estate tax hit; however, the surviving spouse does not get this privilege when transferring his / her estate to their beneficiaries, such as children or grandchildren.

The married and filing jointly (MFJ) status generally allows you both to take advantage of many deductions and benefits together as a couple.

• Federal & New York State income tax return filing status: can now file «married» and it entitles them to the marital deduction • Recognized for estate and gift tax; applies even if the couple lives in a jurisdiction that doesn't recognize same - sex marriage; Same - sex married couples can transfer property to each other free of gift tax • If divorcing, spousal maintenance is now a tax deduction for the payor and income for the recipient • Retirement plans are now subject to transfer and distribution on divorce without penalty • Social Security survivor benefits are available as well as social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both parents