Sentences with phrase «spouse who»

Some of the advantages of filing before: Elimination of all debts which will reduce arguments over who pays for what; Paying for only one bankruptcy and not two; Making a spouse who would not be eligible for filing for a Chapter 7 eligible by using a larger household size.

The deduction for federal estimated tax payments is NOT always claimed 100 % by the spouse who made the payment.

But if you file jointly with a spouse who took retirement plan distributions, you may also have to reduce your contributions by those distributions when figuring the credit.

Alimony is taxable income to the spouse who receives it, and tax deductible for the spouse who pays it

Or, a spouse who spends a lot of time on the road and in the air might have travel expenses such as baggage fees that merit separate filing.

The California income is reported in Iowa 100 % by the spouse who earned it.

In Arizona, California, New Mexico, Nevada, and Washington, separately owned property that produces interest, dividends and rents is treated as separate property and is reported 100 % by the spouse who owns the property.

Even that spouse who claims they don't need it!

SPOUSAL TFSA: Unfortunatly no you CAN NOT have a spousal TFSA account, HOWEVER CRA waves attribution rules when it comes to the TFSA so you could gif money to your spouse who can invest it in the TFSA and there wont be any attribution rules to worry about everything is tax free.

And so it is with the spouse who doesn't have or want life insurance.

If you but currently separated, it is important to discuss with your spouse who the Head of Household will be as there can only be one Head of Household (or you may opt to file as «married filing separately.

Then the spouse who wants to continue living in the home can obtain refinancing, which will pay the other person half of what the home is worth.

Other circumstances: Do you have a spouse who will be earning significant pension income in retirement?

The contributor spouse gets the tax deduction and the spouse who owns the account eventually takes withdrawals to be taxed in their name.

In this case, the spouse who is not applying for the loan would only have a financial obligation if he or she co-signed or co-borrowed on the mortgage or if the loan was executed in a community property state.

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.

If the spouse who holds the deed dies, the surviving spouse must either pay back the reverse mortgage in full or lose the house.

The reverse mortgage allows you to stay in your home until the last borrower on the loan (or under the current guidelines, a qualified spouse who is under the age of 62 at the time the loan is obtained and is recognized as a Non-borrowing spouse) permanently leaves the residence.

A cosigner can be any creditworthy adult, but usually it is a parent, other relative, or spouse who is comfortable with this obligation.

I wish I had a spouse who had a government pension; might make me more relaxed.

Named insured generally includes you, your spouse who lives with you, and relatives who live with you.

Not all mortgages have this option, however once there is a separation or divorce agreement and as long as the spouse who wishes to stay qualifies on their own or with a new co-borrower, this process can be the path of least resistance.

Here are the ifs: if you will get enough proceeds from the loan to solve your financial problems in the long run, plan to stay in your home long term, can afford the ongoing costs of home ownership, have a spouse who is 62 or older, and don't plan to leave your home to anyone.

So if you're a first - time home - buyer, a dual - income couple with one spouse who plans to stop working, or someone that is going to buy and rent out part of the home, a 30 - year fixed - rate mortgage could be a good fit for you.

In this scenario, the couple doesn't qualify for the exclusion because the spouse who's under age 55 has pension income.

In this scenario, the taxpayers DO qualify for the exclusion, because the spouse who's under age 55 received the income as a result of being a beneficiary of someone who met the «over age 55» requirements for the exclusion.

The spouse who's going to keep the asset can refinance the loan in his or her name only.

And forgive me for mentioning this, but your own death may cause your retirement account to be taxed at a higher rate, whether you leave it to a surviving spouse who has to file single or to beneficiaries in a younger generation who may be faced with required minimum distributions during their peak earning years.

The only exception is a spouse who is married to someone with a job, who would then be eligible for the so - called â $ œspousal IRA.â $ This also means that a kid who is earning money can contribute to an IRA (though it's a bit more complicated, since it might take more work to document something like babysitting income).

For a spouse who is not entitled to benefits on his or her own earnings record, this reduction factor is applied to the base spousal benefit, which is 50 percent of the worker's primary insurance amount.

For instance, if you have a spouse who is likely to outlive you, the spouse may want to stay in the house.

If the couple lives in the same house, the spouse who will file should declare the income of the spouse who will not file for bankruptcy.

Estate planning can reduce any capital gains tax that a surviving spouse in a community property state will face when selling jointly held property inherited from the spouse who passed away.

If you're a military spouse who happens to be an educator, you might be entitled to programs such as Teacher Loan Forgiveness and Perkins Loan Cancellation for Teachers.

Short of a parent or a spouse who might feel more obligated to support you through school, you do have options for a nontraditional cosigner.

Maybe you're a military spouse who wants some tips on managing money.

Many debt - ridden graduates find themselves in a position where they are married to a spouse who has student loans as well.

Annuitant Dies FirstUnder the terms of annuity contacts currently being issued, if the spouse who is also the annuitant dies, the accumulated value of the annuity is paid to the designated beneficiary and the following applies:

If you're the spouse who is paying alimony, you can take a tax deduction for the payments, even if you don't itemize your deductions.

That's because the spouse who is working — if he has the RRSP contribution room — can contribute $ 25,000 to his own RRSP as well as $ 25,000 to a spousal RRSP, effectively doubling the amount a couple can withdraw for a home purchase.

This risk increases if the de-facto gate keeper (e.g. the household money manager) is no longer available such as the death of the spouse who made investment decisions;

As long as you charge at least 1 % interest on the loan (the current minimum allowed by the Canada Revenue Agency), the spouse who borrows the money can invest it in his name, and the returns will be taxed at his rate.

A properly designed investment plan — and a spouse who keeps tabs on you — will make sure you're not one of them.

A Spousal IRA is designed to allow a married person to make an IRA contribution for their spouse who may not have earned income.

The younger spouse is no longer forced to leave the home at the time of passing of the older spouse provided that the younger spouse was a non-borrowing spouse when the loan was originally taken out (would not be the case with a spouse who married after the loan was already in place) and that the spouse still resided in the home and the title passed to the remaining spouse.

Permits a divorced spouse age 62 or over who has been divorced for at least 2 years to draw spouse's benefits whether or not the former spouse who is eligible for retirement benefits has retired or applied for benefits.

Most people who work for a living (or have a spouse who works for a living) can contribute to a Roth IRA.

From those tax savings $ 5,500 could be invested annually in a TFSA for the spouse who didn't work over a 25 - year child - rearing period.

Sometimes they also bring along a spouse who has heard these old family stories and has also built up a grudge of some sort based often on lore more than fact.

After 65, there is no OAS Survivor's Benefit: Don't be misled by the term Allowance for the Survivor, which applies only to those aged 60 to 64 and is subject to various other stipulations: notably that you have a partner or common - law spouse who has died.