Sentences with phrase «on a joint return»

The amount of your combined contributions can't be more than the taxable compensation reported on your joint return.

If you are divorced, you are jointly and individually responsible for any tax, interest, and penalties due on a joint return for a tax year ending before your divorce.

Both you and your spouse must include all of your income, exemptions, and deductions on your joint return.

What's the maximum exclusion that can be claimed on your joint return?

As incomes rise into higher brackets, though, the tax ceilings on a joint return aren't quite double the ceilings on a single return.

In the past, you could claim an exemption for yourself (and a spouse on a joint return) plus one for each dependent you claimed.

The tax calculation on a joint return applied community property concepts — for ALL married couples in all states.

You may be held jointly and individually responsible for any tax, interest, and penalties due on a joint return filed before your divorce.

The amount of a married couple's combined contributions can't be more than the taxable compensation reported on their joint return.

In addition, their combined income on a joint return typically propelled them into even higher tax brackets.

The ceilings for the top of the 10 percent and 15 percent brackets on joint returns are precisely twice as high as the ceilings on single returns (that was not always the case).

If one of you uses the deferral rule, and the other elects out of this rule as explained earlier, you'll report $ 30,000 of income on your joint 2010 return and $ 15,000 per year on your joint returns for 2011 and 2012.

Deductions that must exceed a certain percentage of income, such as medical or miscellaneous itemized deductions, might be too small to be deducted on a joint return but large enough for a deduction on a separate return.

Beginning in 1998, however, the IRS adopted a procedure where you can claim the foreign tax credit without filing Form 1116 if your total creditable foreign taxes are $ 300 or less ($ 600 or less on a joint return) and you meet certain other requirements.

«If you suspect that your spouse is evading taxes and may be liable on a joint return, you may want to file a separate return.

Death — If you claim the repayment of homebuyer credit on a joint return, the surviving spouse pays only his or her half of the remaining credit repayment amount.

A new tax bracket was created for head of household filing status, with rates that were halfway between what a single person would pay and what a married couple would pay on a joint return.

There are additional limitations imposed on joint returns and businesses so be sure to read thoroughly the provided documentation at IRS.gov to ensure you qualify.

An injured spouse should file Form 8379, Injured Spouse Allocation, if both of the following apply and the spouse wants a refund of his or her share of the overpayment shown on the joint return.

By filing separately, you avoid liability for unpaid taxes due on a joint return, plus penalties and interest.»

If your provisional income is more than $ 34,000 on a single return or $ 44,000 on a joint return, 85 % of your benefits may be taxable.

If it's between $ 25,000 and $ 34,000 on a single return or $ 32,000 to $ 44,000 on a joint return, then up to 50 % of your Social Security benefits may be taxable.

The more unequal two spouses» incomes, the more likely that combining them on a joint return will pull some of the higher - earner's income into a lower bracket.

Beginning in 2013, individuals will pay an additional 0.9 % in Medicare tax on wages (or net earnings from self - employment) above $ 200,000 on a single return, $ 250,000 on a joint return, or $ 125,000 if married filing separately.

Briefly, beginning in 2013 taxpayers will pay a 3.8 % Medicare tax on their investment income or the amount by which their overall income exceeds $ 200,000 ($ 250,000 on a joint return, $ 125,000 if married filing jointly), whichever is smaller.

The amount of your combined contributions can't be more than the taxable compensation reported on your joint return.

In particular, if the modified adjusted gross income on your joint return is greater than a specified level, the phase - out rules will reduce the permitted Roth IRA contribution for each of you.

If you don't participate in a retirement savings plan at work in 2017, but your spouse does, you can make tax - deductible contributions to an IRA if your adjusted gross income on your joint return is $ 186,000 or less.

Your income has to be under $ 90,000 ($ 180,000 on a joint return) to receive a credit.

The credit is gradually reduced if your income exceeds $ 53,000 ($ 107,000 on a joint return).

If your income exceeds $ 80,000 ($ 160,000 on a joint return), the credit will be gradually reduced.

At $ 63,000 ($ 127,000 on a joint return) the credit is phased out.

As noted above, you can claim the student interest rate deduction if your modified adjusted gross income (MAGI) is less than $ 80,000 (or $ 160,000 on a joint return).

You have to pay a higher premium, though, if your modified adjusted gross income for 2008 was above $ 85,000 on an individual income tax return or $ 170,000 on a joint return.

Thus, this couple might save taxes by filing separately, because one spouse's big medical expenses might be deductible on a separately filed return but could be reduced, or even eliminated, on a joint return.