Sentences with phrase «joint tax return»

I have filed joint tax return for 2012 tax year.

A married couple is treated as a unit in terms of joint tax returns, and joint insurance policies.

The majority of married couples file joint tax returns, but you should use the filing status that is most beneficial to your specific tax situation.

He filed joint tax returns with his wife using the 72 Cottage Street address on the filings.

The Taxpayers filed joint tax returns in 2006 and 2007, and they deducted a total of $ 160,000 in mortgage interest for those two years from the loan for the purchase of the vacation property.

Although Sanders and his wife's joint tax return showed income of only a little more than $ 200,000 for 2014 — including his $ 174,000 salary, his mayoral pension, and their Social Security payments — the senator's expected retirement benefits make his situation much more comparable to those in the millionaire class he faults.

The IRS can intercept the entire refund from a married couple's joint tax return even if only one of the spouses was legally liable for the debt.

Taxpayers who suspect a past joint tax return may have understated income and tax without their knowledge may seek relief from joint tax liability by requesting innocent spouse relief, which is available in these three categories (each with its own set of qualifications)

In Part 3 of this series, we explore why joint tax returns were so common even after major tax - law changes in 1917.

Consider including a provision addressing the parties» respective obligations with regard to any prior joint tax returns in the event of a change in their tax liabilities due to actions of the tax authorities.

There may be income tax issues to resolve, such as, whether you will file joint tax returns during your separation, who will take the dependency exemption for the children in the event you file separately, who will pay any penalties and interest in the event of an audit or previously filed joint returns, who will receive any tax refunds that may be due, etc..

There are a lot of factors affecting marriage penalties and bonuses, but generally, according to the US Department of the Treasury Office of Tax Analysis, more married couples under the age of 65 filing joint tax returns on average see bonuses than penalties.

Husband / wife LLCs will file partnership tax returns if they are the only owners even though it comes together under one joint tax return in the end.

You might be an integrated employer if your company and another company have a collective - buying agreement or common ownership and management, file joint tax returns, or share a location, board members or employees, or banking relationships.

Besides, even if you are eligible to contribute directly to a Roth IRA (which means a modified adjusted gross income below $ 112,000 for individuals and $ 178,000 for married couples filing a joint tax return), the maximum you can set aside this year is just $ 5,500 if you are younger than 50, and $ 6,500 if you are older.

Exceptions apply for minor children who are married and file a joint tax return, and distributions from certain qualified disability trusts.

This document also contains proposed regulations that, to reflect current law, amend the regulations relating to the surviving spouse and head of household filing statuses, the tax tables for individuals, the child and dependent care credit, the earned income credit, the standard deduction, joint tax returns, and taxpayer identification numbers for children placed for adoption.

While you can contribute to an IRA for a spouse who isn't working (as long as you file a joint tax return), the total contribution for both you and your spouse can't exceed your joint taxable income or double the annual IRA limit, whichever is less.

A nonworking spouse may still be able to contribute to an IRA as long as that person is filing a joint tax return with a working spouse.

If you are married, you can choose to file a joint tax return or file separate tax returns.

Newly married couples, for example, are typically better off filing a joint tax return, but there are circumstances, such as one spouse owing back taxes or having large medical bills, when filing separately may make sense.

If you, or your spouse, if filing a joint tax return, have earned income, you are eligible to contribute to a Roth IRA as long as your MAGI is at or below the phase - out limits.

If you are comfortable doing you taxes yourself, do yourself a favor and get a reputable software program and compare both scenarios of filing a joint tax return and separately.

Like the others, you must reapply each year if you want to use the plan, but spousal financials will only be considered if you file a joint tax return.

Unlike the others, your spouse's student loans and income only factor in if you file a joint tax return or have joint Direct Loans.

Another tax benefit of a Traditional IRA is that it allows spousal contributions as long as you file a joint tax return.

But if you file a joint tax return, your combined earned income of $ 300,000 is $ 50,000 above the married filing jointly threshold.

Fact # 4: A married couple may file a joint tax return together.

On their joint tax return for that year, DioGuardi and his wife reported a loss of $ 112,453 from Joseph DioGuardi's 24.4 percent share of Daga, according to the records.

The court struck down a key provision of DOMA and said some federal benefits like Social Security payments or the right to file joint tax returns could no longer be denied to legally married same - sex couples.

Reginald Johnson, Gjonaj's chief of staff, said the Council member owns property but files a joint tax return with his wife, who is a nurse, and would not qualify for the rebate.

Newly married couples, for example, are typically better off filing a joint tax return, but there are circumstances, such as one spouse owing back taxes or having large medical bills, when filing separately may make sense.

If you and (if married filing a joint tax return) your spouse are not an «active participant» in an employer - sponsored retirement plan (such as a 401 (k)-RRB-, your contributions are fully tax - deductible!

In a common - law state, their one and only option was to file a joint tax return showing $ 30,000 of taxable income.

Your income tax refund was offset by a joint tax return liability and the IRS let you know via a letter you can file form 8857

I asked a few questions (F1 student, as a non-resident, filing married separate tax return with US Citizen wife, F1 student, as a non-resident, filing a joint tax return with US Citizen wife) in an attempt to file my own taxes, but experts suggest discussing these with a tax advisor instead.

I will also recommend to your spouse that she become familiar with the innocent spouse part of the IRS regulations if she files a joint tax return with you.

Now the couple files a joint tax return and prepares a separate Schedule C for each spouse, taking into account each spouse's share of income and loss derived from the business, as if they were each a sole proprietor.

So don't file a joint tax return or if you are married and filing a joint tax return now, stop doing it.

A couple can file Form 8379 along with their joint tax return if they expect their refund to be seized.

Video: Can We File Two Primary Residences if Filing a Joint Tax Return?

However, the loophole under PAYE is it will count only if you file a joint tax return.

However, since the IRS only allows a couple to file a joint tax return if the state they reside in recognizes the relationship as a legal marriage; unmarried couples are never eligible to file joint returns.

In 2012, this bracket will be from $ 86,651 to $ 178,650 for individuals (single), and $ 142,701 to $ 217,450 for couples filing a joint tax return.

When you pile one person's income on top of another's on a joint tax return, it can sometimes push some of that income into a higher tax bracket.

If you are married and deciding whether it's beneficial to file a joint tax return with your spouse, there are certainly issues you should consider first.

If you're married and file a joint tax return, your monthly student loan payment is calculated on your joint AGI.

You can not claim someone who is married and files a joint tax return.