Sentences with phrase «earning spouse files»

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.

Not exact matches

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.

This document also contains proposed regulations that, to reflect current law, amend the regulations relating to the surviving spouse and head of household filing statuses, the tax tables for individuals, the child and dependent care credit, the earned income credit, the standard deduction, joint tax returns, and taxpayer identification numbers for children placed for adoption.

Take advantage of «age - based» options: For example, tax regulations allow non-working spouses to establish IRA accounts as long as their spouses have earned income, a joint return is filed and the joint income does not exceed $ 190,000.

You or your spouse, if filing jointly, generally must have earned income such as wages, tips, or commissions to qualify to contribute to an IRA.

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.

But the Revised Pay - As - You - Earn Repayment plan does not and would count both spouse's income even if you file separately.

Even if you can claim your spouse as a dependent, this will not qualify you for Head of Household filing status or for the Earned Income Credit.

If you were married filing jointly and earned less than $ 53,930 ($ 48,340 for individuals, surviving spouses or heads of household) in 2017, you may qualify for this tax credit, or even for a refund check.

Can I restrict my application for benefits and apply only for spouse's benefits and delay filing for my own retirement benefit in order to earn delayed retirement credits?

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.

Just like Pay As You Earn Repayment Plan, for married people, your spouse's income or loan debt will be considered only on the condition that you file your taxes jointly.

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.

If you're married, your spouse has earned income, and you file a joint tax return, you may want to consider a Spousal IRA.

Roth contributions are allowed after the age of 70 1/2 if you, or your spouse if filing jointly, have earned income.

Filing taxes together as a couple highlights a big financial fact of life — one spouse often earns more money than the other.

So, as long as you file taxes jointly and have $ 11,000 in earned income, both spouses can max out an IRA.

In order to setup a spousal IRA, does anything have to be specified in the IRA, or is it all based on whether my spouse has sufficient earned income and we file jointly?

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.

As long as the earning spouse has enough income to cover both contributions and you file jointly, you are qualified to have it.

You can still file and suspend your own benefits, and earn Delayed Retirement Credits until age 70, but your spouse, or other family members, can not collect on your work record while your benefits are suspended.

If you have earned income, have a social insurance number and have filed a tax return, you can contribute to an RRSP up until December 31 of the year your spouse turns 71.

You can receive full deduction on your 2016 tax return if you're filing single and earn $ 65,000 or less, or if you're married and file jointly with your spouse and your combined income is $ 135,000 or less.

Note that by becoming a resident alien, your spouse's worldwide income the whole year would be subject to US taxes, and would need to be reported on your joint tax filing, though he / she will be able to use the Foreign Earned Income Exclusion to exclude $ 100k of her foreign earned income, since he / she will have been out of the US for 330 days in a 12 - month pEarned Income Exclusion to exclude $ 100k of her foreign earned income, since he / she will have been out of the US for 330 days in a 12 - month pearned income, since he / she will have been out of the US for 330 days in a 12 - month period.

Although only Direct Loans may be repaid under Pay As You Earn, your (and, if you are married and file a joint federal tax return, your spouse's) eligible FFEL Program loans will also be taken into account when determining whether you qualify for Pay As You Earn based on the amount of your federal student loan debt relative to your income.

For the 2017 and 2018 tax years, an individual with earned income (from wages or self - employment) can contribute up to $ 5,500 to his or her own IRA and up to $ 5,500 more to a spouse's IRA — regardless of whether the spouse works or not — as long as the couple's combined earned income exceeds both contributions and they file a joint tax return.

To qualify for Earned Income Tax Credit or EITC, you and your spouse (if you're married and filing a joint return) must meet all of the following rules:

If you have a non-wage earning spouse (i.e., one who received no compensation during the year) and file a joint return, that spouse can open a separate IRA.

• Medical expenses • Lost earnings • Lost earning capacity • Loss of consortium (filed by your spouse) • Pain and suffering

You are eligible for a Roth IRA as long as you and your spouse are filing jointly and earn no more than $ 184,000 together.

Hi Srikanth, Please advise if any Insuarnce company issues a Term insuarance plan on a housewife spouse (who used to work 6 years ago), (now non earning, non taxpayer, no IT returns filed).

In addition to the tax break you receive from filing jointly, couples are more likely to receive a marriage bonus when spouses earn different amounts.

If you are married, but qualify to file as head of household under special rules for married taxpayers living apart (see Rule 3, earlier), and live in a state that has community property laws, your earned income for the EIC doesn't include any amount earned by your spouse that is treated as belonging to you under those laws.