Sentences with phrase «file joint tax»

In addition, if you have joint accounts with your spouse, or file joint tax returns, your request presents a significant ethical dilemma regarding how to provide equal and unbiased service to both of you.

There may be benefits of choosing a legal separation over a divorce, such as the ability to file a joint tax return and the retention of medical benefits.

Others prefer to retain the legal benefits of marriage — some employer health plans cover legally separated spouses, for example, and the IRS allows legally separated couples to file a joint tax return.

There may be income tax issues to resolve, such as, whether you will file joint tax returns during your separation, who will take the dependency exemption for the children in the event you file separately, who will pay any penalties and interest in the event of an audit or previously filed joint returns, who will receive any tax refunds that may be due, etc..

Am I legally obligated to file a joint tax return with my husband now that we are legally separated?

Another benefit is being able to file joint tax returns.

When a spouse is unable to be located or chooses not to file a joint tax return, the individual will have no other option than to file the married, filing separately return.

He / She may choose to file a joint tax return or file his / her taxes as married, filing separately.

A retail pet business can become a qualified joint venture if the husband and wife owners: • are the only members of the venture • file a joint tax return • both materially participate in the business, and • both elect not to be treated as a partnership.

Fact # 4: A married couple may file a joint tax return together.

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.

Fact # 5: If your spouse passed away and you did not remarry during that year, usually you may still file a joint tax return with that spouse for the year of death.

She has no other income, but her husband Tom has a full - time job and they file a joint tax return.

You and your spouse must both agree to file a joint tax return.

However, you may forgo other benefits afforded to couples that file joint tax returns.

This threshold varies based on whether you live in the U.S., are married, or file a joint tax return.

Either you or your spouse can qualify for the automatic extension if you file a joint tax return.

If you are married and file a joint tax return, both you and your spouse each get an exemption.

In order to qualify, you must file a joint tax return, and the working spouse must make enough income to fund the account.

You can file a joint tax return with your spouse even if one of you had no income.

The majority of married couples file joint tax returns, but you should use the filing status that is most beneficial to your specific tax situation.

The child did not file a joint tax return with his or her spouse, if married, except only to claim a refund of taxes withheld or estimated taxes paid

A provision of 529 plans allows you to make a lump - sum gift to a beneficiary of up to $ 75,000 (up to $ 150,000 if you are married and file a joint tax return) in one year without creating a taxable gift.

For 2018, if you are not covered by a retirement plan at work, but your spouse is, and you file a joint tax return, your traditional IRA contribution is fully deductible if your MAGI is $ 189,000 or less.

Another tax benefit of a Traditional IRA is that it allows spousal contributions as long as you file a joint tax return.

While you can contribute to an IRA for a spouse who isn't working (as long as you file a joint tax return), the total contribution for both you and your spouse can't exceed your joint taxable income or double the annual IRA limit, whichever is less.

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

For married homeowners who file joint tax returns, they can realize a tax - exempt profit up to $ 500,000 when they sell their primary residence.

However, married taxpayers who live in community property states and filed to file joint tax returns may still qualify.

If you're married and file a joint tax return and one of you has compensation, each of you can have an IRA.

If you're married and file a joint tax return, your monthly student loan payment is calculated on your joint AGI.

If you are married and deciding whether it's beneficial to file a joint tax return with your spouse, there are certainly issues you should consider first.

So don't file a joint tax return or if you are married and filing a joint tax return now, stop doing it.

The court struck down a key provision of DOMA and said some federal benefits like Social Security payments or the right to file joint tax returns could no longer be denied to legally married same - sex couples.

But if you file a joint tax return, your combined earned income of $ 300,000 is $ 50,000 above the married filing jointly threshold.

Like the others, you must reapply each year if you want to use the plan, but spousal financials will only be considered if you file a joint tax return.

If you are married, you can choose to file a joint tax return or file separate tax returns.

While you can contribute to an IRA for a spouse who isn't working (as long as you file a joint tax return), the total contribution for both you and your spouse can't exceed your joint taxable income or double the annual IRA limit, whichever is less.

Exceptions apply for minor children who are married and file a joint tax return, and distributions from certain qualified disability trusts.

Besides, even if you are eligible to contribute directly to a Roth IRA (which means a modified adjusted gross income below $ 112,000 for individuals and $ 178,000 for married couples filing a joint tax return), the maximum you can set aside this year is just $ 5,500 if you are younger than 50, and $ 6,500 if you are older.

A nonworking spouse may still be able to contribute to an IRA as long as that person is filing a joint tax return with a working spouse.

Newly married couples, for example, are typically better off filing a joint tax return, but there are circumstances, such as one spouse owing back taxes or having large medical bills, when filing separately may make sense.

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.

If you are comfortable doing you taxes yourself, do yourself a favor and get a reputable software program and compare both scenarios of filing a joint tax return and separately.

Reginald Johnson, Gjonaj's chief of staff, said the Council member owns property but files a joint tax return with his wife, who is a nurse, and would not qualify for the rebate.

Newly married couples, for example, are typically better off filing a joint tax return, but there are circumstances, such as one spouse owing back taxes or having large medical bills, when filing separately may make sense.

If you and (if married filing a joint tax return) your spouse are not an «active participant» in an employer - sponsored retirement plan (such as a 401 (k)-RRB-, your contributions are fully tax - deductible!

I asked a few questions (F1 student, as a non-resident, filing married separate tax return with US Citizen wife, F1 student, as a non-resident, filing a joint tax return with US Citizen wife) in an attempt to file my own taxes, but experts suggest discussing these with a tax advisor instead.

I will also recommend to your spouse that she become familiar with the innocent spouse part of the IRS regulations if she files a joint tax return with you.

Now the couple files a joint tax return and prepares a separate Schedule C for each spouse, taking into account each spouse's share of income and loss derived from the business, as if they were each a sole proprietor.