Sentences with phrase «earning spouse at»

As long as you leave the money in there for three years, when it's withdrawn, it will be taxed in the hands of the lower - earning spouse at a lower rate.

Not exact matches

That is particularly relevant if your spouse earns less than you do, said Brett D. Horowitz, a wealth manager at Evensky & Katz / Foldes Financial in Coral Gables, Florida.

Here's how it works: The higher - earning (first) spouse files for benefits at full retirement age, enabling the other to file for spousal benefits as early as age 62 — which, again, amounts to half of what the first spouse is entitled to.

One has a working spouse earning $ 80,000 a year and one stay - at - home spouse.

Here's the breakdown: In 1960, a married couple in which each spouse earned average wages over a career beginning at age 22 and retired on his or her 65th birthday would receive about $ 300,000 in health and retirement benefits.

Prof. Wolfson and co-author Scott Legree of the University of Waterloo have now completed a new report, called Private Companies, Professionals and Income Splitting, to consider how much income is flowing from CCPCs to spouses or adult children who are living at the same address as the company owner, which could indicate a tax - reduction strategy by splitting income with lower - earning family members.

If you, or your spouse, if filing a joint tax return, have earned income, you are eligible to contribute to a Roth IRA as long as your MAGI is at or below the phase - out limits.

In general, the lower - earning spouse, usually the wife, should collect benefits early at age 62 — even though they will be reduced by 25 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

Some Christians continue to characterize fathers who share parenting responsibilities or stay at home with their children as «man fails» and «worse than unbelievers,» instructing women to intentionally avoid earning more money than their husbands, even if it is less practical for their family to do so, or else they will injure their spouse's ego.

As for my own kids, when they approach marriage, I'll be consulting them to make it clear to them that they MUST have a pre-nup if they believe that they will at any time earn more than their spouse.

An active volunteer, Candace has earned awards for her work with military spouses (during her husband's deployment to Iraq), at - risk youth, and the local historical society.

In our 2011 BCCWF study of working fathers, 53 % of fathers «agreed» or «strongly agreed» when asked «If your spouse earned enough money to support your family's needs, would you consider being a stay - at - home dad?»

In short, if you want to immigrate a spouse to the UK you have to earn at least # 18,600.

This makes sense when the income earned in the business is taxed at a higher rate than the spouse / child would pay personally, reducing the overall tax bill.

For example, if the higher - earning spouse in a couple stops working at age 65, the couple may drop into a lower tax bracket the following year.

The general idea is to shift assets to the lower - earning spouse, who can withdraw more in retirement at a lower tax bracket.

This would let couples shift income from the person in a higher tax bracket to a lower - earning or stay - at - home spouse, freeing up cash and reducing a family's overall tax bill.

Families where one spouse earns $ 100,000 and the other doesn't work would save $ 5,231 under the plan, according to estimates by the accountants at McLarty & Co..

Essentially, the higher - earning spouse files for Social Security upon Full Retirement Age and then immediately suspends that filing, allowing the benefit to grow even more, at least until age 70.

That means if you both want to contribute the maximum to an IRA, and you're both under 50, your spouse will need to earn at least $ 11,000 (to cover the $ 5,500 annual maximum for each of you).

As before, that means the investment income is taxed in the hands of the lower - earning spouse, at a much lower rate.

You might earn more money than your spouse, but you'll be awfully glad to have someone at your side when you're stuck at work and the Kindergarten is closed, your kids are ill or they need to go to the swimming classes.

The wealthy know that while it may seem natural for the main breadwinner to do the investing, if the investments are made (and taxed) in the name of the lower - earning spouse, the returns are taxed at a lower rate.

The higher - earning spouse doesn't have to pay any taxes on the money he or she contributes, and when the money is withdrawn, it will be taxed in the lower - income spouse's hands at a lower rate.

If one spouse earns significantly more money per year than the other, filing jointly at tax time can bump the one who earns less into the favorable income range for these investment accounts.

And forgive me for mentioning this, but your own death may cause your retirement account to be taxed at a higher rate, whether you leave it to a surviving spouse who has to file single or to beneficiaries in a younger generation who may be faced with required minimum distributions during their peak earning years.

Spouses with earned income of at least $ 11,000 can contribute $ 5,500 to their own IRA and another $ 5,500 to their spouse's IRA account.

For instance if you and your spouse earned an annual salary of $ 63,000 each working in the public sector, and you both retired at age 65 after working for 35 years, you can expect to live like royalty when you retire.

If you are married and have a spouse that stays at home then the chance to earn and save more will obviously go way up when your spouse returns to work.

However, if you have earned income and your spouse or common - law partner will be under 72 at the end of the year, you can still make a contribution to his or her plan, even if you're 72 or older.

So if both spouses will be older than 50 at the end of 2013, the working spouse would have to earn taxable income of $ 13,000 or more to make two maximum IRA contributions ($ 12,000 if only one spouse is age 50 or older at the end of 2013, $ 11,000 if both spouses will be younger than 50 at the end of the year).6, 9

With income splitting, the higher - earning spouse has less tax taken off at the top marginal rate, and more of the income for the couple as a whole is taxed at lower rates, resulting in an annual saving of $ 8,600 in income tax.

You will not be eligible for the Earned Income Credit if you or your spouse (if filing jointly) was a nonresident alien at any time during the tax year.

Still, in most cases, the higher - earning spouse should still make his or her full RRSP contribution, even at the expense of the tax cut.

Although they don't generate earned income, stay - at - home spouses have significant responsibilities, from cooking and cleaning to childcare and transportation.

An Ontarian earning $ 80K with a stay - at - home spouse is almost certainly better off contributing to a RRSP.

If you are married at the end of the year, the maximum amount which can be used is the smaller of your or your spouse's earned income.

If your spouse is a full - time student (for at least part of 5 calendar months), or disabled and unable to care for him / herself (and lived with you more than 1/2 the year), then there is no spousal earned income requirement.

Additionally, if the money received at redemption is used to pay tuition expenses for the holder, a spouse or a dependent in the same year, the interest earned may be exempt from federal taxes as well.

The children may have moved out, the mortgage may be paid off, and you may even have savings and investments, but life insurance can ensure that your spouse is taken care of at a time in their life when their biggest earning years are behind them.

Interest earned on EE bonds with January 1, 1990, and later issue dates may qualify for exclusion from income for Federal income tax purposes if the owner pays his or her tuition and required fees or those of his or her spouse or legally dependent children at colleges, universities, and qualified technical schools during the year eligible bonds are redeemed.

In general, the lower - earning spouse should collect benefits early at age 62 — even though they will be reduced by 27 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

Looking at numbers from an Urban Institute study, the AP found that a married couple retiring in 2011 after both spouses earned average income during their lives paid total Social Security taxes of $ 598,000.

When she discovered that military spouses were being offered grants to earn an education to pursue a «portable career,» she jumped at the opportunity.

BMO AIR MILES World Elite Mastercard members have the ability to enroll their spouse, or one family member or friend, to their account, with an additional card at no cost, allowing them to earn AIR MILES that much faster.

If you get a secondary card for your spouse or child on your account (which is at no extra charge), you'll earn even more cash back.

Another example: if at the time of marriage you and your spouse earned similar incomes and 30 years later, you earned $ 2 million dollars a year and your spouse earned nothing, then the marriage agreement may be considered significantly unfair.

The person or people at fault for injuring you may be required to pay for your past and future medical expenses, the time you lose at work, your motorcycle or any other property that was damaged, the cost of hiring someone to do your household chores during the period when you can't do them (estimated through your lifetime, if you suffer a catastrophic injury), permanent disfigurement, loss of enjoyment, emotional distress and the adverse impact on your spouse, and any change in your future earning ability.

However, the Justices did criticise Home Office rules for failing to look at the treatment of children or consider alternative assets when examining the earning ability of the British spouse.

In a sixteen year marriage, where the supported spouse earns $ 30k per year and is working at her full capacity, and the supporting spouse earns $ 60k per year, and fault is not a factor, an award of permanent periodic alimony of $ 500.00 per month is proper.