Married Taxpayer

Married Taxpayer

A person who is legally married on the final day of a tax year (which is usually the calendar year). In the United States, a married taxpayer has the option of being married filing separately or married filing jointly, depending on which option offers the most tax advantages.
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The requirements for a married taxpayer to be considered unmarried for purposes of filing status include: (1) the taxpayer files a separate return; (2) the taxpayer maintains a household for more than one half of the tax year that is the principal place of abode of a dependent child, or a child who would be considered a dependent under a noncustodial declaration signed by the custodial spouse; (7) (3) the taxpayer furnishes more than one half of the cost of maintaining the household; and (4) during the last six months of the tax year, the taxpayer's spouse is not a member of the taxpayer's household.
The Tax Court held that a married taxpayer who filed a separate return did not qualify as a real estate professional through attribution of her husband's activities, and therefore she could not deduct her rental real estate losses.
The present Marriage Penalty (and Of 1969) when separate tax rates were established for single taxpayers and married taxpayer.
A) A married taxpayer filing jointly has $175,000 in earned income, two qualifying children, and a net tax liability of $31,189 (the taxpayer's actual liability after the child credit also is $31,189 as the joint income is too high to qualify).
To the extent a married taxpayer files separately under present law, he or she is generally only liable for the amount of the tax reported (or due) on his or her individual return.
Beginning January 1, 1998, a married taxpayer whose spouse is covered by a qualified retirement plan no longer prevents the other spouse from qualifying for a deductible IRA if that spouse is not covered by a qualified retirement plan.
To eliminate the underwithholding, the taxpayers could either instruct one of the employers to withhold an additional specific amount per pay period or to withhold at the higher withholding rates for a single rather than a married taxpayer.
16 biweekly; * No decrease in withholding when gross wages exceed $53,200 Married Taxpayer * Annual withholding decreases by $345; * $28.
The 1990 act eliminates the 5% rate adjustment and imposes in its place a 31% rate on all taxable income in excess of $49,300 for single taxpayers, $82,150 for married taxpayers filing jointly, $70,450 for taxpayers filing as head of household, and $41,075 for a married taxpayer filing a separate return.
Each additional dollar for the single taxpayer would cost them 15% while each additional dollar for the married taxpayer costs 27%
When a married taxpayer makes a gift to a third party, his or her spouse may elect to be treated as having made half of that gift.
The Act, recently signed by President Bush, eliminates the $100,000 Modified Adjusted Gross Income (MAGI) ceiling and the married taxpayer joint filing requirement for converting a traditional IRA into a Roth IRA, but not until the year 2010.