Sentences with phrase «of married couples filed»

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).

When it comes to taxes, each of the married couples files together and the woman who isn't married files single, though she does claim two of the children.

Only one taxpayer may claim any one person as a dependent on a tax return (except, of course, in the case of a married couple filing jointly).

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.

In the case of a married couple filing separate returns, a taxpayer may not deduct the standard deduction amount if the taxpayer's spouse claims itemized deductions for State purposes.

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).

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).

Not exact matches

Be aware, however, that beginning in 2018, the total value of all your available deductions would need to be greater than the new, higher standard deductions under the legislation — i.e., $ 24,000 for married couples filing jointly — or you won't benefit from the deduction for charitable giving.

Major changes include lower tax rates on individual income, a roughly doubled standard deduction ($ 12,000 for singles and $ 24,000 for married couples who file jointly), and sharp limits on a slate of itemized deductions, including a $ 10,000 cap on the break for state income, sales and property taxes.

One of the most popular strategies for married couples, for example, is the «file and suspend» method, which is particularly useful where one spouse has significantly higher lifetime earnings, said Shelton.

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.

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).

The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $ 418,400 and higher for single filers and $ 470,700 and higher for married couples filing jointly.

The AMT exemption begins to phase out at $ 129,700 for singles and heads of household, $ 160,900 for married couples filing jointly, and $ 80,450 for married couples filing separate returns.

At the same time, it calls for a doubling of the standard deduction a filer could take ($ 30,000 for married couples filing jointly and $ 15,000 for single filers) instead of claiming itemized deductions.

For example, in 2017 the phaseout of personal exemptions begins at $ 313,800 for married couples filing jointly, less than twice the $ 261, 500 threshold for single filers.

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.

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.

Illinois and Oklahoma, for example, allow state tax deductions of up to $ 10,000 ($ 20,000 for married couples filing jointly).

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.

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

There are a lot of tax advantages for married couples to file their taxes jointly.

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.

The GOP House bill introduces a new Family Flexibility Credit of $ 300 for every tax filer (and $ 600 for a married couple filing jointly), but this credit goes away after 2022.

Under the old income tax brackets (still valid for your filing for April 2018), the highest rate of 39.6 % rate kicks in for single taxpayers earning $ 418,401 + and for married couples earning $ 470,701 +.

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).

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.

CapTon's Kaitlyn Ross confirms the Bronx Democrat was asked — and confirmed — that his issue is indeed the provision that would allow gay couples married outside the state to file their state income tax returns as a married couple, regardless of whether or not they can file their federal returns in the same manner.

In short, the provision would allow gay couples married outside the state to file their state income tax returns as a married couple, regardless of whether or not they can file their federal returns in the same manner.

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.

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For the 2017 tax year, the threshold for this combined income is $ 32,000 for a married couple filing jointly, or $ 25,000 if you're filing as head of household, single or if you're widowed or legally separated.

There are several types of bankruptcy for which individuals or married couples can file, the most common being Chapter 7 and Chapter 13.

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.

You can exclude $ 250,000 of your profit from the sale of your home if you are single and $ 500,000 of the profit if you're filing taxes jointly as a married couple.

Finally, say a married couple filing jointly has a MAGI of $ 360,000 of which only $ 40,000 is net investment income.

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.

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?

For married couples filing jointly, the credit is available for MAGIs of $ 110,000 and is gradually phased out up to a maximum allowable MAGI of $ 130,000.

But by claiming a tax break known as the Saver's Credit, singles and heads of households who contribute to a 401 (k), IRA (traditional or Roth) or similar retirement account may qualify for a tax credit of as much as $ 1,000, while married couples filing jointly may be able to snag a credit of up to $ 2,000, in effect making the federal government a partner in building your retirement nest egg.

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

Even if you don't have a lot of itemized deductions to file, you still qualify for a standard deduction, which has increased to $ 12,700 for married couples filing jointly on income earned in 2017.

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).

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.

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.