Sentences with phrase «gross income on your tax return»

Your discretionary income is the difference between your adjusted gross income on your tax return and 150 percent of the

If life insurance death benefits are paid to you in a lump sum or other than at regular intervals, include the life insurance death benefits in your gross income on your tax return only to the extent the life insurance death benefits are more than the amount payable to you at the time of the insured person's death.

Not exact matches

Both oilsands royalties and corporate income taxes are paid on a net revenue basis (yes, oilsands royalties are initially paid on gross revenue, but at a lower rate which applies until cumulative net revenue has provided a small return on initial capital, so it's basically the same thing).

The performance goals upon which the payment or vesting of any Incentive Award (other than Options and stock appreciation rights) that is intended to qualify as Performance - Based Compensation depends shall relate to one or more of the following Performance Measures: market price of Capital Stock, earnings per share of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return on invested

«This deduction will appear on the front page of your tax return and reduce your Adjusted Gross Income — thus reducing your income subject to taxation,» SwyterIncome — thus reducing your income subject to taxation,» Swyterincome subject to taxation,» Swyter said.

In the end, this means there will be an IRA deduction of up to $ 5,500 in 2015 (reported on Line 32 of Form 1040), Roth conversion income of up to $ 5,500 to match it (reported on Line 15 of Form 1040), and since both are above - the - line income / deductions on the tax return, the net result is $ 0 of Adjusted Gross Income (AGI) and a $ 0 tax liability, even while getting the whole $ 5,500 in a Rotincome of up to $ 5,500 to match it (reported on Line 15 of Form 1040), and since both are above - the - line income / deductions on the tax return, the net result is $ 0 of Adjusted Gross Income (AGI) and a $ 0 tax liability, even while getting the whole $ 5,500 in a Rotincome / deductions on the tax return, the net result is $ 0 of Adjusted Gross Income (AGI) and a $ 0 tax liability, even while getting the whole $ 5,500 in a RotIncome (AGI) and a $ 0 tax liability, even while getting the whole $ 5,500 in a Roth IRA!

Tax credits are claimed on your income tax return — on the second page of IRS Form 1040, after you report your earnings and calculate your AGI (adjusted gross incomTax credits are claimed on your income tax return — on the second page of IRS Form 1040, after you report your earnings and calculate your AGI (adjusted gross incomtax return — on the second page of IRS Form 1040, after you report your earnings and calculate your AGI (adjusted gross income).

To calculate income for a self - employed borrower, mortgage lenders will typically add the adjusted gross income as shown on the two most recent years» federal tax returns, then add certain claimed depreciation to that bottom - line figure.

The total charitable deduction on your tax return can not be more than 50 % of your AGI (adjusted gross income).

Part B premiums for 2016 run as little as $ 121.80 per month or as much as $ 389.80, depending on the modified adjusted gross income reported on your 2014 tax return.

Under House Bill 2014, introduced by Representative Mark Finchem (R - Tucson), Arizona taxpayers will simply back out all precious metals «gains» and «losses» reported on their federal tax returns from the calculation of their Arizona adjusted gross income (AGI).

Any Social Security that is included in your Adjusted Gross Income (AGI) for federal purposes can be subtracted out of your AGI on your South Carolina tax return.

Hillary and Bill Clinton released their 2015 tax returns today, showing they paid $ 3.6 million in taxes on adjusted gross income of $ 10.6 million.

Refer to your federal income tax return for your adjusted gross income and enter it on line 1.

You must file a tax return for the trust depending on the type of trust established or if it is not required to distribute all of its income to your son each year, or if its gross income is $ 600 or more.

If you are a single filer and have a modified adjusted gross income (MAGI) of $ 80,000 or less, or are married and filing jointly with an income of $ 160,000 or less, and have paid student loan interest over the course of the year then you are able to deduct that interest on your tax return.

Adjusted Gross Family Income: The sum of your family's wages, salary, interest, dividends, etc., minus certain deductions from income as reported on federal income tax rIncome: The sum of your family's wages, salary, interest, dividends, etc., minus certain deductions from income as reported on federal income tax rincome as reported on federal income tax rincome tax return.

If your 2016 adjusted gross income was more than $ 150,000 ($ 75,000 if you are married filing a separate return), you must pay the lesser of 90 % of your expected tax for 2017 or 110 % of the tax shown on your 2016 return to avoid an estimated tax penalty.

The other important thing you need to know is that fees that are eligible for deduction are listed on schedule A of your tax return on line 23, the total of items from line 21 to 23 of schedule A are only deductible to the extent that they exceed 2 % of your adjusted gross income (AGI).

You can deduct what you pay for your own and your family's health insurance regardless of whether it is subsidized by your employer or not, as well as all other medical and dental expenses for your family, as an itemized deduction on Schedule A of Form 1040, but only to the extent that the total exceeds 7.5 % of your Adjusted Gross Income (AGI)(10 % on tax returns for year 2013 onwards).

If your 2015 adjusted gross income was more than $ 150,000 ($ 75,000 if you are married filing a separate return), you must pay the smaller of 90 % of your expected tax for 2016 or 110 % of the tax shown on your 2015 return to avoid an estimated tax penalty.

Hacking criminals were able to use the IRS Data Retrieval Tool to look up the adjusted gross income on applicant's tax returns.

In a nutshell, it's your adjusted gross income (AGI,) as reported on your most recent tax return, minus 150 % of the U.S. Federal Poverty Guidelines.

There's a rule that requires taxpayers with adjusted gross income above $ 150,000 on the prior year's return ($ 75,000 if married filing separately) to pay 110 % of the prior year's tax (not just 100 %) when applying the prior year safe harbor.

Non-taxable income Old Rule — Gross up using tax rate evidenced on last tax return.

A taxpayer whose federal student loan is discharged under the closed school discharge process does not need to report the amount of the discharged loan in gross income on a federal income tax return.

Please note: the taxpayer can not take the contribution as a charitable deduction on their Federal Income Tax return — the amount is not included in the donor's gross iIncome Tax return — the amount is not included in the donor's gross incomeincome.

To calculate income for a self - employed borrower, mortgage lenders will typically add the adjusted gross income as shown on the two most recent years» federal tax returns, then add certain claimed depreciation to that bottom - line figure.

Your MAGI is a variation of the adjusted gross income (AGI) that's reported on the first page of your tax return form, though for most people the two amounts are the same.

The virtue of having your IRA administrator cut a check to the charity — rather than taking the RMD, depositing it in your account, writing the check to charity, and deducting it on your tax return — is that the qualified charitable distribution, unlike an RMD, doesn't inflate your adjusted gross income.

Repko explains, «If you are married and filing jointly on your tax return, and your modified adjusted gross income (MAGI) is less than $ 189,000, then you can contribute the full amount ($ 5,500 per year for those under 50, and $ 6,500 per year for those who are 50 or older).

The IRS generally allows you to file an amended tax return to correct your filing status, the number of dependents you claim, your gross income and to increase or decrease the number of deductions and credits you report on your original tax return.

If your spouse had any gross income or was someone else's dependent for the year, then you can not claim a tax exemption for your spouse on a separate return.

These contributions can be deducted on the joint tax return up to a certain adjusted gross income (AGI) limit.

You have to pay a higher premium, though, if your modified adjusted gross income for 2008 was above $ 85,000 on an individual income tax return or $ 170,000 on a joint return.

You also must file a new state return if your state tax obligation depends on federal adjusted gross income.

MAGI for most taxpayers is the amount of AGI, adjusted gross income, reflected on your tax return.

Through IBR, any borrower can cap payments on his loans at 10 percent of a portion of his income, which is calculated by deducting 150 percent of the poverty line for his household size ($ 17,655 for a single person without dependents) from the adjusted gross income stated on his federal tax return.

If your husband and you filed a joint tax return, then yes, it will use whatever income amount was listed on the Adjusted Gross Incomeincome amount was listed on the Adjusted Gross IncomeIncome line.

Navient, my federal loan servicer tells me I must pay 80.5 % of my Gross Adjusted Income based on my tax returns!

Whether you must file a federal income tax return depends on your gross income, your filing status, your age, and whether you are a dependent.

For example, if your state taxes the gross income of your business, you can deduct that tax on your federal return.

The penalty fee is calculated based on your Modified Adjusted Gross Income and is due with your tax return on the tax deadline.

The ceilings are based on modified adjusted gross income, which is basically the adjusted gross income listed on your tax return with certain deductions added back in.

It's far from intuitive, but on your tax return, you have to «gross - up» your dividends by 44 % and declare that amount as income.

Half of this amount ($ 1343.53) is deducted on Page 1 of her income tax return, to reduce her total adjusted gross income for the year.

In order to claim an employee business expense deduction, your business expenses must be more than 2 % of your adjusted gross income for it to even register on your tax return.

Information about your first mortgage, such as your monthly mortgage statement Information about any second mortgage or home equity line of credit on the house Account balances and minimum monthly payments due on all of your credit cards Account balances and monthly payments on all your other debts such as student loans and car loans Your most recent income tax return Information about your savings and other assets Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

The IRS permits you to take a charitable tax deduction on your federal income tax return for the gross sale of your vehicle.

An exemption on your tax return is an amount of money that you are entitled to deduct from your Adjusted Gross Income (AGI).