Sentences with phrase «joint return»
A "joint return" refers to a type of tax filing done by married couples in which they combine their incomes and deductions. This means that both partners report their earnings and claim deductions, and the resulting tax liability or refund is calculated based on their combined information. Full definition
For reference, here are the 2017 tax brackets for single taxpayers and married couples filing joint returns.
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The child must meet the relationship, age, residency, and joint return tests.
Returns being filed for a deceased taxpayer, including a married joint return where one spouse died during 2017.
Certain joint returns can exclude up to $ 500,000 of gain.
This is for a married couple filing joint return.
Further, you can deduct medical expenses for anyone who would otherwise be your dependent if not for the failure to meet the gross income and joint return tests.
I created joint return with my wife on Studio tax.
My interest is in what happens at the crucial break between the 15 % and 25 % bracket, which is $ 73,800 for married / joint returns in 2013 (and presumably will be higher in 2014, though I haven't been able to find out what that is or if it has even been set yet).
During the 2016 presidential campaign, for instance, President Trump proposed an overall cap on itemized deductions of $ 100,000 per single return and $ 200,000 per joint return.
The closest Congress came to making changes to the tax system came in 1941, when the House Ways and Means Committee proposed a mandatory joint return, with married couples being taxed on their combined income without the option to file separate returns or apply community property laws.
In 2017 through 2019, the threshold is $ 85,000 for individual tax return filers and $ 170,000 for joint return filers.
Tax credit is limited to $ 500 for tax payers filing single and up to $ 1,000 for couples married filling joint return.
Because of the federal Defense of Marriage Act (DOMA), same - sex unions and marriages are not recognized for federal purposes, so gay couples have to file their federal returns as either single or head of household, and then create a mock joint return to prepare the state return.
Grade II — The patella can luxate on its own but can return to normal position manually or when the pet straightens the joint
If the pro forma joint return results in a balance due and this is unsatisfactory to you, you can increase your withholding by filing new Forms W - 4 or by making estimated tax payments to cover the expected balance due.
Can this carryforward be used on her 2013 joint return with Angie, considering that the adoption is now a second - parent adoption?
Filing joint returns allows for different deductions and costs, so it is important to determine what your status will be.
Your son is a qualifying child of both you and your husband because your son lived with each of you for more than half the year and because he met the relationship, age, support, and joint return tests for both of you.
During the 2016 presidential campaign, for instance, President Trump proposed an overall cap on itemized deductions of $ 100,000 per single return and $ 200,000 per joint return.
The closest Congress came to making changes to the tax system came in 1941, when the House Ways and Means Committee proposed a mandatory joint return, with married couples being taxed on their combined income without the option to file separate returns or and without the option of applying community property laws.
Individual tax return filers with earnings above $ 200,000, and joint return filers with earnings above $ 250,000, pay an additional 0.9 percent tax on earnings above these earnings thresholds.
In 2014, only single people with a modified adjusted gross income lower than $ 107,000 (or $ 169,000 for a married couple filing a joint return) can invest in a Roth IRA and make the maximum contribution.
If a married couple operates a venture in which each materially participates and they file a joint return, they can opt not to file Form 1065.
In 2017, the 28 percent AMT rate applies to excess AMTI of $ 187,800 for all taxpayers ($ 93,900 for married couples filing joint returns).
(Sec. 11021) This section temporarily increases the standard deduction to $ 24,000 for married individuals filing a joint return, to $ 18,000 for head - of - household filers, and to $ 12,000 for all other taxpayers.
(Under current law, the standard deduction for 2017 is $ 6,350 for single individuals and married individuals filing separate returns, $ 9,350 for heads of households, and $ 12,700 for married individuals filing a joint return and surviving spouses.)
In determining a taxpayer's eligibility to claim a dependency exemption, these proposed regulations change the IRS's position regarding the adjusted gross income of a taxpayer filing a joint return for purposes of the tiebreaker rules and the source of support of certain payments that originated as governmental payments.
The standard deduction would be raised to $ 30,000 for a joint return and $ 15,000 for single filers and there would be an overall cap on itemized deductions of $ 200,000 for joint returns and $ 100,000 for single filers.
Take advantage of «age - based» options: For example, tax regulations allow non-working spouses to establish IRA accounts as long as their spouses have earned income, a joint return is filed and the joint income does not exceed $ 190,000.
For the tax - year 2008, Congress raised the alternative minimum tax exemption to the following levels: $ 69,950 for a married couple filing a joint return and qualifying widows and widowers, $ 34,975 for a married person filing separately, and $ 46,200 for singles and heads of household.
«If your modified adjusted gross income is over $ 65,000 for someone filing single or $ 135,000 for couples filing jointly, the deduction starts to phase out until it is completely eliminated at $ 80,000 for a single person or $ 165,000 for a joint return.»
The same goes for a Roth IRA, as long as your income is not above the limits (the ability to contribute to a Roth IRA starts to phase out at $ 186,000 for 2017 and $ 189,000 in 2018, if you are married and file a joint return.
The «doubling» of the standard deduction (to $ 24,000 for married couples filing joint returns) is offset in part by disallowing personal exemptions.
To claim the full value of the credit, you must make $ 65,000 or less, or $ 130,000 or less if you file a joint return.
Those thresholds equaled the sum of the applicable basic standard deduction plus one personal exemption (two personal exemptions for a joint return).
For joint returns, this is $ 135,000 to $ 165,000 a year.
NEW PLAN The standard deduction is temporarily increased to $ 12,000 for singles and $ 24,000 for married couples filing joint returns.
The amount of your combined contributions can't be more than the taxable compensation reported on your joint return.
If you are married and file a joint return you may be able to contribute to a spousal IRA if you did not have taxable compensation, as long as your spouse did.
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.»
If half of your benefits plus your other income exceed $ 25,000 ($ 32,000 if married, filing a joint return), then 50 percent of your Social Security benefits are taxable.