Sentences with phrase «income than the other spouse»

Not exact matches

Often their revolving balance is much higher than what is listed, and / or they have loans other than credit card debt, or income doesn't include their spouse's income, etc..

We unfortunately lack information on family structure, sources of income other than salary, the location or type of housing, and whether and where a spouse works.

If the account is transferred to any other individual than a spouse as the beneficiary, the account will be treated as taxable income.

In this case if one spouse has a higher income than the other (and therefore higher marginal tax rate), it would make sense to keep all investments in the name of the lower income spouse so that the investment income is taxed at a lower rate.

That's where much of the marriage bonus comes from — when one spouse often makes much more income than the other.

Between 50 and 85 percent of your annual benefit is taxable when the sum of one - half of your Social Security income, plus income from other sources is more than $ 25,000 — or $ 32,000 if you're married and file a joint return; or $ 0 if you file separately from your spouse.

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.

If the transaction requires you to report gain (such as a sale to a related person other than your spouse), any gain that exceeds the amount of compensation income should be reported as capital gain (which may be long - term or short - term depending on how long you held the stock).

For purposes of the means test, the U.S. Bankruptcy Code defines current monthly income as including: «any amount paid by any entity other than the debtor (or in a joint case the debtor and the debtor's spouse), on a regular basis for the household expenses of the debtor or the debtor's dependents (and in a joint case the debtor's spouse if not otherwise a dependent)...» Benefits received under the Social Security Act, payments to victims of war crimes or crimes against humanity on account of their status as victims of such crimes, and payments to victims of international terrorism or domestic terrorism on account of their status as victims of such terrorism are excluded from the means test.

You and / or your spouse have a lot of medical expenses (especially if one spouse has a lower Adjusted Gross Income amount than the other spouse)

The full value of your RRSP or RRIF is taxable as income upon your death if left to anyone other than your spouse.

The credit may be claimed by either spouse for a maximum tax savings of $ 2,000, and you'll see the biggest benefit if one spouse has an income that's much higher than the other.

This number is derived by taking all your income other than social security benefits, including tax - exempt income items, and adding that to your spouse's income if you file jointly.

When one spouse earns more than the other does, the combined income may entice some lenders to qualify married applicants.

If the HSA passes to a person other than the spouse, the HSA terminates as of the date of death, and the person is required to include in gross income the assets of the HSA at the date of death.

However, when these assets are passed to your heirs (other than your surviving spouse), they are subject to federal income tax and may also be subject to federal estate tax (depending upon the value of your estate) as well as various state income, inheritance and estate taxes.

Generally speaking, families where one person is a high - earner and the other spouse is a low - earner or not in the workforce fare better than couples who make similar incomes.

Either spouse can be ordered by the court to pay spousal support to the other, as it is based on income rather than gender.

For example, according the HHS 2011 Poverty Guidelines, for a single adult with no spouse or children, he or she would have needed to average less than $ 10,890 in income to be eligible, as well as meeting the other requirements, such as a lack of recent health insurance, and other requirements by the individual state.

The court may do so if the court finds one of the spouses has significantly greater income or financial resources than the other spouse and / or if one spouse has been unreasonable during the case.

the spouse derives a significant portion of income from dividends, capital gains or other sources that are taxed at a lower rate than employment or business income or that are exempt from tax; and

Essentially, spousal support is issued if the marriage lasted more than five years and one spouse has a significantly higher income than the other does.

d, «testamentary substitutes... which include gifts causa mortis or within one year of death, Totten trusts, joint accounts, revocable transfers, or transfers with a retained income interest, many retirement accounts and property owned by a decedent and payable on his death to someone other than the surviving spouse for his estate.»

But if your income is vital to someone other than you alone — a spouse, child or even an aging parent — the sad event of your death would be an even bigger hardship once the financial impact hits home.

If one of you makes markedly more each year than the other, you could also opt to let him or her take care of bill paying solo and let the spouse with the smaller income take care of his / her personal debts or more flexible monthly expenses such as groceries and entertainment.

In many households, one spouse earns significantly more income than the other and is often considered the head of household.

Arguments over finances can be especially intense when one spouse brings in more income than the other or is unemployed.

If the combined income of the couple is less than $ 75,000, as of 2012 state law, the court will usually award temporary maintenance if one spouse earns a lot more than the other spouse.

Add up all income sources other than your own income, including your spouse's income, Social Security benefits, employer disability benefits, and investments income.