Sentences with phrase «to file separate returns»

Also, there would be no tax liability for either the child or the child's spouse if filing separate returns.

If your child received earned income or income from a sale of stock, you must file a separate return for your child.

However, if you and your spouse file separate returns, you can't claim this credit, and your refund could be lowered significantly.

Generally, married couples who file separate returns are doing so because they are, in fact, separated (though still married), not because of any tax benefit to be gained.

If you are married and file a separate return from your spouse, then the limitation decreases to $ 500,000.

Or they could file separate returns with each showing income of $ 6,000.

If you and your spouse do not fit the criteria to be considered unmarried, then you still have the option of filing separate returns.

All because some high - income taxpayers discovered that they could have large tax savings by filing separate returns — even if only one spouse had income.

Also, there would be no tax liability for either you or your spouse if filing separate returns.

Generally, married couples who file separate returns are doing so because they are, in fact, separated (though still married), not because of any tax benefit to be gained.

The limit is $ 1 million for a married person filing a separate return.

However, if you and your spouse file separate returns, you can't get a credit for these expenses.

The adjusted gross income limitation for all other taxpayers (other than married taxpayers filing separate returns) is $ 117,000.

If you already have a federal tax return extension, you don't need to file a separate return extension for New Mexico.

The couple had, in 1918, filed separate returns using community property law, even though Mrs. Robbins had no income herself.

Filing separate returns allows each spouse to be taxed at a lower point in the tax bracket.

(Filing separate returns at their income level results in tax of $ 4,850.)

Consider filing a separate return for your child.

Filing separate returns in such a situation may be beneficial if it allows you to claim more of your available medical deductions by applying the 7.5 % threshold to only one of your incomes.

In some cases, you may be able to include their income on your tax return; in others, they'll have to file their own tax return or you will have to file a separate return on their behalf.

(Under current law, the standard deduction for 2017 is $ 6,350 for single individuals and married individuals filing separate returns, $ 9,350 for heads of households, and $ 12,700 for married individuals filing a joint return and surviving spouses.)

The applicable dollar amount for all other taxpayers (other than married taxpayers filing separate returns) is $ 62,000.

Like most home sellers, you're probably aware of rules that relieve you of taxes on a home - sale gain of as much as $ 250,000 for a single person or a married person filing a separate return, and up to $ 500,000 for a married couple filing a joint return.

In that case, they could file separate returns with each reporting half of each other's income (so $ 6,000 each):

Please note that if you choose to include your child's investment income on your tax return, your tax rate may increase (in comparison of filing a separate return for your child) and you can not claim certain deductions (such as itemized deductions).

$ 12,500 for married individuals who file separate returns for the tax year and lived apart from their spouses at all times during the tax year, and

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.

In some cases, you can file as head of household while still married, if your spouse files a separate return.

If you're trying to get on an Income - Based Repayment plan, only your income will be used to determine whether you qualify and what your payments will be if you filed a separate return.

It covers interest paid on loans of up to $ 1 million, or $ 500,000 if you're married but filing a separate return.

If your AGI for 2015 was more than $ 150,000 ($ 75,000 if your filing status for 2016 is married filing a separate return), you must pay 110 % of last year's tax liability

When you file a separate return from your spouse, there are lower income limits at which the credits start to be reduced.

In 1920, their tax - filing options were: file a joint return showing $ 12,000 of taxable income, or file separate returns:

On the other hand, if you file a separate return for the child, the tax rate on that portion of the income may be as low as zero, because of the preferential tax rates for qualified dividends and capital gain distributions.

Each spouse must file a separate return if he or she makes any taxable gifts.

You can not claim the credit if you are married and filing a separate return, file Form 2555 or 2555 - EZ, have more than $ 3,450 of investment income (2017 amount), or if you can be the qualifying child of another person.

Tax-wise (and ownership-wise), you report 0.5 * X as your income, and your wife reports 0.5 * X as her income, if you're filing separate returns.

«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.

If your 2016 adjusted gross income was more than $ 150,000 ($ 75,000 if you are married filing a separate return), you must pay the lesser of 90 % of your expected tax for 2017 or 110 % of the tax shown on your 2016 return to avoid an estimated tax penalty.

Suppose you and your spouse file separate returns and you have $ 90,000 of taxable income and your spouse has $ 10,000.