Sentences with phrase «income than your spouse»

Over the long term if someone had a higher income than their spouse and contributed to their TFSA the tax savings could be huge because the income generated in the account would not be attributed back to the higher income spouse.

If you are a homemaker, or earn less income than your spouse, it may make sense to get legal representation.

Not exact matches

A pension sharing application may be beneficial if your income will be higher than your spouse's income in retirement and if your CPP is also likely to be higher.

Individuals with $ 1 million or more in net worth or more than $ 200,000 in annual income (more than $ 300,000 if a spouse is included) qualify.

Key Facts: Joint filer with a Schedule C business has a standard deduction of $ 24,000 Business gross income of $ 130,000 Business expenses of $ 30,000 Net profit from business $ 100,000 (qualified business income) Spouse works and makes $ 70,000 Above - the - line deductions of $ 7,500 for deductible portion of self - employment tax and $ 20,000 for SEP IRA contribution Analysis: Taxable income before application of pass - through deduction = $ 118,500 In this case, the taxable income of $ 118,500 is greater than the qualified business income of $ 100,000.

This can cause discretionary income, and thus payments, to be higher under REPAYE than they might be under ICR or IBR if spouses file separately.

Because it's been less than three years since money was contributed to the RRSP, the $ 10,000 is added not to your spouse's income but to yours since it is essentially the income you weren't taxed on when you made the contribution.

In general, to qualify as an Accredited Investor, individuals must have a net worth of more than $ 1 million (excluding their primary residence), or gross income for each of the last two years of at least $ 200,000 ($ 300,000 jointly with their spouse) with the expectation of a similarly qualifying income during the current year.

An individual who is physically or mentally incapable of self - care, lived with you for more than half of the year, and either: (i) is your dependent; or (ii) could have been your dependent except that he or she has gross income that equals or exceeds the exemption amount, or files a joint return, or you (or your spouse, if filing jointly) could have been claimed as a dependent on another taxpayer's 2015 return.»

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..

Individuals must have a net worth of more than $ 1 million excluding primary residence or gross income for each of the last two years of at least $ 200,000 ($ 300,000 with spouse) with the expectation of the same income in the current year.

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.

The ASPIRE Award provides up to $ 1,500 per year if the adjusted gross income of HOPE Scholars, their parents, or spouses (if applicable) is less than $ 36,000, as measured by the federal IRS formula.

If possible, each spouse should borrow in his or her own name based on individual income rather than household earnings.

For income years prior to 2017 — 18 the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer super contributions was less than $ 13,800.

Also, line 303 is the spousal tax credit which you can claim if your spouse has income less than $ 11k and obviously investment income would affect this.

This makes sense when the income earned in the business is taxed at a higher rate than the spouse / child would pay personally, reducing the overall tax bill.

But if it's in the lower income earner's hands, it would be taxed at a lower rate than the higher income spouse.

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.

For 2017 — 18 and later income years the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer super contributions was less than $ 40,000 and the contributions were not deductible to you.

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

This results in a lower taxable income on the final tax return of the first spouse than the survivor.

However, my spouse and my income separately is less than $ 191,000.

At some point, Ottawa realized a 50 % reduction in a family's OAS income upon the first death is problematic because the surviving spouse needs more than 50 % of the couple's income to maintain his or her standard of living.

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 your spouse or common - law partner is in a lower tax bracket than you, shifting this income to his or her hands helps lower the total family tax bill.

For 2018, «a traditional IRA is fully tax deductible if you or your spouse are not participating in a retirement plan at work, regardless of income, or even if you or your spouse do participate but your income is less than $ 63,000 for an individual or $ 101,000 [if you are] filing jointly.

For an IRA, you, or your spouse, have to have an earned income and you have to be younger than 70 1/2.

Though they pay a fixed stream of income, they are more useful than bonds, because they provide longevity insurance; they can be tailored to prove an income that you can't outlive, for you and your spouse.

If he and his spouse have significant income, e.g. $ 30,000, then he will likely pay more than $ 20,000 in tax.

This is a variation on the above strategy, but in this case, rather than the lower - income spouse buying the investments with his or her own money, the higher - income spouse lends money to the lower - income spouse, who then uses it to buy the investments.

Which is why buying an annuity for lifetime income probably doesn't make much sense if you have good reason to believe you'll have a shorter - than - average lifespan (although if you're part of a couple, you'll also want to consider how long your spouse or partner may be around).

In situations where both spouses have income, it's better to file separately so each spouse is taxed only on their income, rather than combining income and being taxed jointly.

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 one spouse has little or no earned income, their combined income must be equal to or greater than the total IRA contribution for that year

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).

Because it's been less than three years since money was contributed to the RRSP, the $ 10,000 is added not to your spouse's income but to yours since it is essentially the income you weren't taxed on when you made the contribution.

The 1040EZ has a cap: your taxable income, including your spouse's income if you are filing jointly, must be less than $ 100,000.

You've got a partial financial hardship id your annual federal student loan payments calculated under a ten - year standard repayment plan are greater than 15 % of the difference between your adjusted gross income (and that of a spouse, if you're married and file taxes jointly) and 150 % of the poverty guideline for your family size and state.

(3) $ 175,000 if debtor or spouse is at least 65 years old, disabled, or if annual income is less than $ 15,000 or $ 20,000 if married.

If you're a stay - at - home spouse, make marginal income, or your partner makes more money than you do, it might be enticing to include a spouse's income on a credit card application.

This can cause discretionary income, and thus payments, to be higher under REPAYE than they might be under ICR or IBR if spouses file separately.

A spouse can help you save the necessary down payment, and your two incomes can get you qualified for a larger mortgage than you could get alone.

GIS is currently available to Canadians earning less than $ 17,784 per year, and for couples with joint incomes under $ 23,520 (if your spouse / common - law partner receives the full Old Age Security pension).

On average, those ages 25 to 39 with at least a bachelor's degree and outstanding student debt have higher family incomes — the individual's income plus that of his or her spouse or partner — than those in this age range lacking a bachelor's degree (regardless of loan status).

And if your qualifying income (together with qualifying income of your spouse that can be used to support your contribution) is less than the maximum contribution, then the amount you can contribute is reduced.

There are exceptions — if one spouse, for instance, experienced a catastrophically expensive medical event, they might want to file separately, since medical bills can be deducted if they represent more than 10 % of reported adjusted gross income, a more likely scenario for an individual filer.

A single job loss might require tapping less than half a month's savings (one spouse's contribution to living expenses, minus the percentage of income he or she is saving each month) for each month of unemployment.

When you factor in childcare (a big one), paying for all of the mileage and gas on two cars, buying lots of expensive clothes for work, paying extra taxes (remember there are no taxes on saving, only income), and buying ready - to - eat and restaurant meals because your both too busy and tired to cook, many people find that you have more free cash flow with one working spouse and one spouse taking care of the children and household than two income families.