Sentences with phrase «if married filing»

If your Modified Adjusted Gross Income (MAGI) is below certain thresholds ($ 150k if married filing jointly) then you can write off a certain amount of your passive losses against your ordinary income.

not have an AGI that exceeds $ 55,500 if Married Filing Jointly, $ 41,625 if Head of Household and $ 27,750 if Single, Married Filing Separately or Qualifying Widow (er)

have an AGI that does not exceed $ 55,500 if Married Filing Jointly, $ 41,625 if Head of Household and $ 27,750 if Single, Married Filing Separately or Qualifying Widow (er).

Typically, any interest payments on a mortgage for a main or second home are deductible as long as the mortgage balance is below $ 1 million (or $ 500,000 if married filing separately) and was strictly used to buy, build, or make improvements.

These states are: AZ CA ID LA NM NV TX WA WI If you, and / or your spouse, if married filing jointly, were a part year resident, and you must file as such, you can not use this system.

A portion of your Social Security benefits will be taxable if your income — such as from freelance work, a taxable pension and IRA withdrawals, or nontaxable interest — plus half of your Social Security benefits add up to more than $ 25,000 if single or $ 32,000 if married filing jointly (see Calculating Taxes on Social Security Benefits for more information).

On the other hand, if you already have a child in college, education credits start phasing out at $ 80,000 ($ 160,000 if married filing jointly).

The cutoff for contributing to a Roth IRA for 2015 is an adjusted gross income of $ 193,000 if married filing jointly, or $ 131,000 if single.

Depending on your income and filing status, you could be eligible for a tax credit of up to 50 percent, 20 percent, or 10 percent of the contributions you make to your retirement plan or IRA — up to $ 2,000, or $ 4,000 if married filing jointly.

However, there is an exception to this rule if half of your social security benefits plus your other gross income is more than $ 25,000 ($ 32,000 if married filing jointly).

In the case of Social Security, when half of your Social Security benefits plus other income exceed $ 25,000 ($ 32,000 if married filing joint) your benefits start to become taxable, until 85 % of your benefits are fully taxed.

When filling out the tax extension application, you will be asked to provide a few personal details — including your name, address, and Social Security Number (as well as your spouse's, if married filing jointly).

To be eligible, the child care must allow the parent, or parents if married filing jointly, to work or look for work.

Not have an adjusted gross income (AGI) that's more than the phase - out limits — $ 80,000 if filing as single or $ 160,000 if married filing jointly.

The credit is completely phased out for AGIs of $ 90,000 if single and $ 180,000 if married filing jointly

You are limited to deducting up to $ 3000 ($ 1500 if married filing separately) in net capital loss each year.

But even better, it's tax deductible, though there are limits of $ 100,000 ($ 50,000 if married filing separately).

Borrowers may deduct interest on up to $ 750,000 in mortgage debt on their first and second homes combined ($ 375,000 if married filing separately).

You (or your spouse if married filing jointly) could be claimed as a dependent on someone else's return in the current year.

Remember that you're entitled to exclude up to $ 250,000 of gain on the sale of your home ($ 500,000 if married filing jointly)-- so keep excellent records of the cost of the home as well as any improvements or other adjustments to basis.

In addition, the law limited the combined itemized deduction for state and local property taxes and local income taxes (or sales taxes in lieu of income) to $ 10,000 ($ 5,000 if married filing separately).

Is phased out completely when your income is more than $ 71,000 — or $ 118,000 if married filing jointly.

If your modified adjusted gross income (MAGI) is less than $ 120,000 ($ 189,000 if married filing jointly) you can contribute up to the maximum limit.

These credits are subject to certain limitations, and the rehabilitation tax credit begins to phase out for married taxpayers filing jointly with adjusted gross income (AGI) greater than $ 200,000 ($ 100,000 if married filing separately) and is completely phased out when AGI reaches $ 250,000 ($ 125,000 if married filing separately).

For Tax Year 2017, the limit on modified adjusted gross income (MAGI) is $ 160,000 if married filing jointly and $ 80,000 if single, head of household, or qualifying widow (er).

The AMT rate is a flat 26 % for income up to $ 92,700 — or $ 185,400 if married filing jointly.

Unfortunately, the new tax reform raised the standard deduction to $ 12,000 for taxpayers filing individually and $ 24,000 if married filing jointly.

Yes, the mortgage interest deduction remains intact for all current homeowners on mortgages up to $ 1,000,000 ($ 500,000 if married filing separately).

However, if your modified AGI is between $ 10,000 and $ 133,000 ($ 186,000 and $ 196,000 if married filing jointly), your maximum contribution to a Roth will be phased out (reduced).

You had to pay for child or dependent care so that you (and your spouse if Married Filing Jointly) could work, seek employment, or attend school, or if you were disabled.

Only a portion of the debt qualifies, limited to the lesser of $ 100,000 — $ 50,000 if married filing separately — or an amount equivalent to the home's fair market value less any outstanding mortgage debt.

In 2017, you can contribute to a Roth IRA if your modified adjusted gross income is less than $ 133,000 ($ 196,000 if married filing jointly).

As if the married filing jointly IRA rules were not complicated enough already, there is a final situation where the IRA rules differ.

In 2017, the amount of your deduction will begin to decrease, or phaseout, at an adjusted gross income of $ 65,000 ($ 135,000 if married filing jointly) and the deduction will be unavailable to you if your AGI is $ 80,000 ($ 165,000 if married filing jointly) or higher.

If your AGI is from $ 65,001 to $ 80,000 ($ 130,001 to $ 160,000 if married filing jointly), the maximum amount of your Tuition and Fees Deduction will be reduced.

The account you designate for Direct Deposit must be in the taxpayer's (and spouse's if married filing joint) name.

For instance two of the W - 2 forms may be yours and the other may belong to your spouse if married filing jointly.

For 2016, the value of the Tuition and Fees Deduction begins phasing out at AGIs of $ 65,000 ($ 130,000 if married filing jointly).

If your adjusted gross income is $ 65,000 or less ($ 130,000 or less if married filing jointly), then you will qualify for the full $ 4,000 deduction.

If you're married filing separately, or for 2017 if your modified adjusted gross income, or MAGI, is $ 80,000 or more if filing single or $ 160,000 if married filing jointly, you can't deduct any student loan interest.

If you or your spouse (if married filing jointly) can be claimed as a dependent by someone else for the year, then you can not claim any dependents on your own tax return.

If your Modified Adjusted Gross Income (MAGI) is less than $ 80,000, or $ 160,000 if married filing jointly, then you can deduct up to $ 4,000 of tuition costs.

** fdSocSecTaxableInc3 ** if married filing separately — And you and your spouse lived together at all during the year

And if you want to gift a larger amount, you can contribute up to $ 75,000 ($ 150,000 if married filing jointly) per beneficiary and then treat it as though you contributed that amount over a 5 - year period.

Beginning January 1, 2018, you can contribute up to $ 15,000 per year ($ 30,000 if married filing jointly) to a single beneficiary without triggering federal gift tax.

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.

That gives you up to a maximum tax credit of $ 1,000 ($ 2,000 if married filing jointly) each year.

If your income exceeds the threshold by more than $ 122,500 ($ 61,250 if married filing separately), your exemptions are completely eliminated.

First, the phaseout starts when your AGI exceeds $ 311,300 if married filing jointly or qualifying widow (er), $ 285,350 if head of household, $ 259,400 if single, or $ 155,650 if married filing separately.

You may deduct the interest you pay on mortgage debt up to $ 1 million ($ 500,000 if married filing separately) on your primary home and a second home.