Sentences with phrase «married couples filing separately»

For the 2013 tax year, the exemption amounts are: $ 51,900 for individual taxpayers; $ 40,400 for married couples filing separately; and $ 80,800 for married filing jointly.

Interest will only be deductible on mortgage debts used to acquire your principal residence or a second home of up to $ 750,000 (or $ 375,000 for a married couples filing separately).

A modified adjusted gross income limit (MAGI) of $ 110,000 — $ 125,000 is set for single filers, head of households, and married couples filing separately but not living together.

Home mortgage interest — Qualifying mortgage interest can be deducted on up to $ 750,000 of mortgage debt ($ 375,000 for married couples filing separately).

Low: 1.4 % (on taxable income up to $ 4,800 for married couples filing jointly; on up to $ 2,400 for married couples filing separately and individual filers)

The credit depends on your filing status and starts to reduce when your income is $ 55,000 for married couples filing separately, $ 110,000 for married couples filing jointly, and $ 75,000 for single, head of household and qualifying windows or widowers.

This is a decrease of the former limit of $ 1 million for single filers and married couples filing jointly, and $ 500,000 for married couples filing separately.

Generally, if you itemize deductions rather than take the standard deduction, the interest is deductible on a home equity line of credit or fixed rate home equity loan of up to $ 100,000, or $ 50,000 for married couples filing separately.

For Roth IRAs specifically, married individuals filing jointly are restricted by contribution limits if their income is over $ 166,00 per year, whereas married couples filing separately each have a limit of $ 105,000.

For 2010, the exemption levels were increased to $ 72,450 for married couples filing jointly, $ 47,450 for singles and heads of household, and $ 36,225 for married couples filing separately.

Under the AMT rules, Amy can deduct the interest on home acquisition loans of up to $ 1 million ($ 500,000 for married couples filing separately).

That number drops to $ 550,000 for married couples filing separately.

For single filers and married couples filing separately, the deduction is now $ 6,350.

The limitation on itemized deductions (sometimes called «Pease» after the Ohio congressman who proposed it) reduces deductions for high - income taxpayers by 3 percent of the amount by which their AGI exceeds a threshold — $ 261,500 in 2017 ($ 287,650 for heads of household, $ 313,800 for married couples filing jointly, and half of that for married couples filing separately)-- but not by more than 80 percent of deductions claimed.

For 2014, the 26 % tax rate is imposed on the first $ 182,500 of income above the exemption amount ($ 91,250 for married couples filing separately).

For the 2016 tax year, the standard deduction is $ 6,300 for singles (and married couples filing separately), or $ 12,600 for married filing jointly.

The standard deduction for single taxpayers and married couples filing separately is $ 6,350 in 2017, up from $ 6,300 in 2016.

In 2017, Pease reduces itemized deductions by 3 percent of the amount by which adjusted gross income exceeds specified thresholds — $ 261,500 for single filers, $ 287,650 for heads of household, $ 313,800 for married couples filing jointly, and half of that for married couples filing separately.

To keep things simple, the phase out threshold is $ 55,000 for married couples filing separately, $ 75,000 for single, head of household, and qualifying widow or widower filers, and $ 110,000 for married couples filing jointly.

It's important to remember that married couples filing separately must both agree on whether to claim the standard deduction or itemize deductions.

In some cases, such as a married couple filing separately with one taking itemized deductions, the standard deduction is not allowed.

When a married couple files separately but on a combined return, both spouses are jointly liable for the contents of the return.

A married couple filing jointly is limited to deducting $ 2,500 total, and a married couple filing separately can not take this deduction at all.

For registered partners, or a married couple filing separately, this is the time to review your agreements regarding bank accounts, home ownership and children to determine what filing status you can choose.

The income ratio comes into play time and again on an Iowa tax return for a married couple filing separately.

-- $ 40,400 for a married couple filing separately.

Not exact matches

In that case, according to the IRS, rental losses of up to $ 25,000 for single taxpayers and married couples filing jointly (and $ 12,500 for married filing separately) can be used against other types of income.

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.

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.

· Increasing the standard deduction from $ 6,300 (2016) / $ 6,350 (2017) to $ 15,000 for single filers and married filing separately and an increase from $ 12,600 (2016) / $ 12,700 (2017) to $ 30,000 for married couples filing jointly

Is it ever a good idea for married couples to file separately instead of filing jointly on their taxes?

Marriage penalty: The additional tax that some married couples pay because they must file as a couple rather than separately.

This is true whether borrowers are filing jointly or separately, though it does exclude married couples who choose to file separately.

This means that some married couples could save money by filing taxes separately and getting on the more - expensive IBR plan, as opposed to the cheaper REPAYE plan.

The threshold is zero dollars for married couples who do not qualify as individuals but are filing separately.

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.

Today I want to answer a basic question: why is it almost always better for married couples to file as married filing separately instead of married filing jointly on their Iowa return?

In my experience, filing separately is usually not a good option for most married couples.

A common misconception I run into is the assumption among married couples that, if they file separately, it's the same as filing as two single people.

In 2011, the 15 % bracket covered income from $ 8,501 to $ 34,500 for individuals, $ 17,701 to $ 69,000 for couples filing jointly, $ 8,500 - $ 34,500 for married filing separately, and $ 12,150 - 46,250 for head of household.

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

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.

Newly married couples may have access to a variety of tax breaks depending on whether they file jointly or separately, as these tax tips will reveal.

So, a simple way to potentially lower your student loan payment and increase your potential student loan forgiveness is to lower your AGI - and married couples can potentially do this by filing separately versus jointly.

For married couples with student loan debt, one of the most popular strategies for lowering your monthly student loan payment and potentially qualifying for more student loan forgiveness is to file your taxes «married, filing separately».

Now, if this couple files married filing separately on their taxes, they will pay $ 552 more per year.

Let's look at a couple of scenarios and see how the math behind married filing separately for IBR and PAYE really works.

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Some married couples are especially torn between filing jointly or separately.

Keep in mind, higher income married couples are more likely to be subject to the «marriage penalty» and filing jointly may push you into this bracket when you weren't there separately.