Sentences with phrase «married couples file joint»

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.

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.

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).

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.

The «doubling» of the standard deduction (to $ 24,000 for married couples filing joint returns) is offset in part by disallowing personal exemptions.

NEW PLAN The standard deduction is temporarily increased to $ 12,000 for singles and $ 24,000 for married couples filing joint returns.

For married couples filing a joint return, the combined income limit is $ 225,000.

Debtors can exempt $ 6,000 of value in household furnishings and goods or $ 12,000 if a married couple filed a joint case.

In 1913, 97.6 % of married couples filed joint returns (out of 278,835 tax returns filed by married couples in 1913, 272,153 were joint returns [or returns of one - income couples]; 6,682 were separate returns).

For example, let's say a state's homestead exemption allows a married couple filing a joint bankruptcy case to protect $ 37,500 of equity in their home.

For 2017, single taxpayers are allowed a standard deduction of $ 6,350, while married couples filing a joint return are allowed a deduction of $ 12,700.

Additionally, the standard deduction allowed on the tax return is highest for married couples filing a joint return.

For married couples filing joint tax returns, these limits double to $ 190,000 and $ 220,000, respectively.

This is for a married couple filing joint return.

The limits generally are $ 25,000 for a single taxpayer; $ 32,000 for a married couple filing a joint tax return.

The full credit is available to individuals whose modified adjusted gross income is $ 80,000 or less, or $ 160,000 or less for married couples filing a joint return.

For example, in 2017 the government authorized a $ 6,350 standard deduction for single taxpayers, $ 9,350 for those who file as head of household and $ 12,700 for married couples filing a joint tax return.

The IRS states that the full credit is available to individuals whose modified adjusted gross income (MAGI) is $ 80,000 or less — or $ 160,000 or less for married couples filing a joint return.

In the case of a married couple filing a joint return where both spouses receive or incur net business income, the maximum dollar amounts apply separately to each spouse's net business income, not to exceed a total of one hundred thousand dollars ($ 100,000).

If a married couple files a joint federal tax return, a total student loan payment amount for the couple will be calculated taking into account both spouses» debt and both spouses» income.

The tax credit is 6.2 % of earned income, but not more than $ 400 for an individual or $ 800 for a married couple filing a joint tax return.

In the case of a married couple filing a joint return where both spouses report a net business income, the maximum dollar amount applies separately to each spouse's net business income included in AGI, not to exceed a total of $ 100,000 (maximum $ 50,000 each).

Bobbie and Emil's taxable income (determined without regard to the deduction for qualified business income) is higher than the threshold for married couples filing a joint return ($ 315,000).

Section 121 of the Internal Revenue Code («121 exclusion») provides that property held and used by you as your primary residence for at least 24 months out of the last 60 months can be sold and you can exclude from your taxable income up to $ 250,000.00 in capital gains if you are single (per homeowner / person) and up to $ 500,000.00 in capital gains for a married couple filing a joint income tax return.

Standard deduction: — $ 12,200 for married couples filing a joint return, and qualifying widows and widowers.

Alternative minimum tax threshold: — $ 80,800 for a married couple filing a joint return, and qualifying widows and widowers.

Not exact matches

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.

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.

A single person without children files as a single; a single person with dependents who maintains her own home files as a head of household; a married couple, with or without children, files either as married filing joint or married filing separate; and a recent widow (er) may file as a qualifying widow (er), which is the same, in effect, as married filing joint.

If you're married, filing jointly, and your combined wages will exceed the $ 250,000 income threshold for couples, you'll want to make sure that your joint Medicare surtax for the year isn't significantly higher than you anticipated.

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.

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.

Wisconsin has released updated tax guidance for same - sex married couples - they can now file joint Wisconsin tax returns.

By contrast, married joint - filing couples don't reach that tax bracket until they have more than $ 75,900 of taxable income, and single taxpayers need more than $ 37,950 of taxable income to be in the 25 % bracket for 2017.

The tax return form and IRS Publication 915 contain the rules for calculating the MAGI when the filing status is married, the couple file a joint return and only one of them receives Social Security benefits.

According to the Joint Committee on Taxation, about 70 % of taxpayers take the standard deduction, which would have been about $ 13,000 for a married couple filing jointly in 2018 before the tax plan passed.

However, by the IRS rules, only one parent may claim a child as a dependent on a tax return, and divorced couples can't file «married, joint» returns.

Married couples who file a joint return can file for the full credit if they have MAGI of less than $ 150,000.

Married couples who file a joint return may qualify for an increased exclusion of $ 500,000 if both taxpayers separately meet all requirements.

Married couples have even more opportunities for increasing the amount they'll collect over their joint lifetime by engaging in various claiming strategies, such as the older spouse filing and suspending his or her benefit at full retirement age so the younger spouse can collect spousal benefits while the older spouse's benefit continues to grow.

Because of preferential tax brackets that apply to the married filing jointly status, couples who file a joint return will oftentimes pay less income tax in comparison to filing separately.

The IRS suggests married couples in community property states look at their tax situation under both joint and separate filing options to determine which version saves them the most (TurboTax will do this for you).

Under current law, the first $ 250,000 of profit on the sale of your principal residence is tax - free ($ 500,000 for married couples who file joint returns) if you have owned and lived in the home for at least two of the five years leading up to the sale.

The Bankruptcy Code allows a bankruptcy debtor to exempt $ 23,675 of equity in the debtor's residence - and if a married couple is filing a joint bankruptcy that amount doubles to $ 47,350, provided that both spouses own the residence.

To set up a spousal IRA, couples must be married and file a joint return.

In the past, filing a joint tax return resulted in married couples paying more than if they were to file their returns as single taxpayers.

(Note: Married couples can file a joint Chapter 7 application.

While most married couples file jointly — approximately 96 percent do each year — a joint return is not always the most beneficial way to boost your refund.

One point of clarification / explanation: When we speak of married couples «both filing for bankruptcy,» we're talking about a joint petition in which one case is filed under the names of both parties.

For married couples who file a joint return that will include all of their combined income and deductions.