“Another consequence of living longer is that women are more likely than men to be single when they are elderly,” she adds. “Men are more likely than women to have a younger spouse who is able to help care for them at home and thereby reduce costs.” Brian G...
The tax rate that applies to your tax bracket is your marginal tax rate. The tax brackets and rates for the 2024 and 2025 tax years are below. So, for instance, if you’re married and filing a joint return with your spouse, and you have a combined taxable inco...
It’s also important to note that the tax deductibility of contributions to retirement accounts may be subject to income limits and eligibility criteria. For instance, if you or your spouse are covered by a retirement plan at work, the tax deduction for traditional IRA contributions may be reduc...
Should my spouse claim me as a dependent?No. Even if you don't earn income, this does not make you a dependent for tax purposes. ... Married couples filing jointly generally have lower taxes and can claim more in deductions and credits than those who file as head of household, or even...
A spousal IRA is an ordinary IRA set up in a spouse’s name. You can set it up aseither a traditional or a Roth IRA. The biggest difference between the two IRAs is when you get the tax break. With a traditional IRA, you deduct your contributions now and pay taxes later when you ...
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and interest charged on the amount you should have paid. Generally, you must make estimated payments if you expect to owe more than $1,000 when filing your tax return and your withholding is less than 90% of your current year’s tax liability or 100% of your previous year’s taxes. ...
Capital gains taxes:If you make a sizable profit on your home sale, you may trigger the federalcapital gains tax. It depends on the dollar amount of the profit, whether you file on your own or jointly with your spouse, how long you lived there and whether it was your primary residence....
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“An eligible student” for the purposes of claiming this credit is defined as you, your spouse, or a dependent you listed on your tax return. You must meet all qualifying criteria to claim the Lifetime Learning Credit. If you’re confused about whether you meet the requirements, speak with...