Tax Consquences in Divorce in Washington StatePhilip Tsai
Filing status and divorce, tax implications and divorce, division of assets, gains from residence, child support and alimony, dependency exemption, and deductible costs in divorce.
Tax Consquences in Divorce in Washington StatePhilip Tsai
Filing status and divorce, tax implications and divorce, division of assets, gains from residence, child support and alimony, dependency exemption, and deductible costs in divorce.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
An individual is eligible for unemployment benefits if they are unemployed. Since unemployment benefits are a joint federal and state program, eligibility factors may vary from state to state.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
An individual is eligible for unemployment benefits if they are unemployed. Since unemployment benefits are a joint federal and state program, eligibility factors may vary from state to state.
Wayne lippman present s bonds and their valuationWayne Lippman
Bonds are simply long-term IOUs that represent claims against a firm’s assets.
Bonds are a form of debt
Bonds are often referred to as fixed-income investments.
Key Features of a Bond
Debt instrument issued by a corp. or government.
Par value = face amount of the bond, which is paid at maturity (assume $1,000).
Coupon rate – stated interest rate (generally fixed) paid by the issuer. Multiply by par to get dollar payment of interest.
Aurélio Santos
No âmbito de um debate sobre a actualidade da Comuna de Paris vale a pena arriscar algumas reflexões, como forma de contribuição para o necessário debate colectivo, acerca de algumas questões fulcrais para a luta pela superação revolucionária do capitalismo e o início da construção de uma sociedade liberta da exploração do homem pelo homem: objectivo primeiro do ideal comunista.
Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind when filing your first tax return as a married couple.
In this presentation i tried to brief, what is tax relief, types of tax reliefs, Innocent Spouse Relief Tax Program, Relief By Separation Of Liability and more about other popular Tax Program,
Accountants, are you ready for the US?
In the United States, the fiscal powers of taxation is based on three levels: federal, state and municipal. The federal income tax, in particular, is a pay-as-you-go tax.
From November 7 to 10, the Italian accountants will stay in New York city, on a mission in the US. We went to look around the contents by the IRS (Inland Revenue Service) in the field of “Tax Withholding and Estimated Tax”, for use in 2016.
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay-as-you-go: Tax Withholding and Estimated Tax.
Tax Benefits of Homeownership After Tax ReformJason Fuchs
Recent tax reform legislation may have reduced the tax benefits of homeownership for some by (1) substantially increasing the standard deduction, (2) lowering the amount of mortgage debt on which interest is deductible, and (3) limiting the amount of state and local taxes that can be deducted. On the other hand, the tax benefits of homeownership may have increased for some because the overall limit on itemized deductions based on adjusted gross income has been suspended. You generally can choose between claiming the standard deduction or itemizing certain deductions (including the deductions for mortgage interest and state and local taxes). These changes are generally effective for 2018 to 2025.
http://ekinsurance.com/financial/what-are-annuities/
Annuities can be a great way to make your money work, but many people may not understand the risks, rewards, or the workings of their annuities.
You pay self-employment (SE) tax when net earnings from
self-employment are $400 or more. You are self-employed
if you carry on a trade or business as a sole proprietor (including
farmers) or as a general partner in a partnership.
A trade or business generally is an activity carried on for
a livelihood or in good faith to make a profit. Facts and circumstances
determine whether or not an activity is a trade
or business.
Smart money september october_2103_issue_singles_perOliver Taylor
Financial adviser client newsletters
Client-facing personalised newsletters are an exceptional and proven vehicle for strengthening relationships with clients. There has never been a more important time, especially during this current economic climate, for professional financial advisers to consider the benefits of using a newsletter to communicate with their clients or professional connections.
Client retention and the loss of hard-earned clients
In these post-RDR times, one of the biggest concerns facing many professional financial advisers is client retention and the loss of hard-earned clients to another competitor. To ensure that this doesn't happen to your business, our advice is that you need to do everything possible to stay engaged with your clients and keep reminding them about why they chose you in the first place.
You don't have to waste your valuable time
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Personal finance subjects presented in a clear and engaging way
Our carefully designed newsletters feature your business name, logo (photograph if required), contact details and regulatory statement, and we present even the most complex of personal finance subjects to your clients in a clear and engaging way.
Newsletters are printed on superior-quality paper and are a perfect time-saving marketing channel that will enable professional financial advisers to deliver increased revenues for their business.
Non Profit Formation - how to create a non-profit presented by Wayne Lippman CPA
Rules of the Game for Tax Exempt Non-Profits
Getting Into the Game: How to Obtain Tax Exempt Status
Playing Well with Others: Collaborating with Other Non-Profits and For-Profits
Presented by Wayne Lippman CPA.
IRS Federal income tax for residential aliens 2016Wayne Lippman
Income Tax Workshop for “Nonresident Aliens”
Please NoteThis workshop is for students onF-1 or J-1 visas who have been inthe U.S. for 5 years or less.It is also for scholars on J-1 visas who have been in the U.S.for 2 years or lessThe taxation agency of the U.S. Government to which you
Report your immigration status
File your personal Income Tax Return
http://irs.gov
What is a Blockchain? - Presented by Wayne Lippman
What is a Blockchain
What is Bitcoin
Where did Bitcoin come from?
How does a Blockchain get built
How does a Blockchain get verified
Weaknesses of Blockchain technology
Value
Current applications of Blockchain technology
Future applications of Blockchain technology
Q & A
Wayne Lippman presents Tax Filing Status GuideWayne Lippman
Who should file their tax? Wayne Lippman explains.
Determine the most advantageous (and allowable) filing status for the taxpayer.
Overview of all 5 filing statii:
Married Filing Jointly (not legally separated)
Qualifying Widow(er) with Dependent Child
Head of Household
Single
Married Filing Separately (Taxpayer either Itemizes or claims 0 standard deductions, if spouse itemized deductions)
*Confirm marital status on the last day of the tax year
Tax Law Basics
All income is taxable,
unless the law says it is not
No deduction is allowed,
unless the law says it is
No credit is allowed,
unless the law says it is
Income
Less adjustments
= Adjusted gross Income
Less deductions and exemptions
= Taxable Income
Wayne lippman a life cycle guide to investingWayne Lippman
Wayne lippman a life cycle guide to investing “There are two time in a man's life when he should not speculate:
When he can t afford it, and when he can”.
MARK TWAIN, FLLOWING THE EQUATOR
INVESTMENT strategy must be keyed to a Life Cycle.
It is simple common sense to say that a thirty-four-year old and a sixty-four-year-old saving for retirement may prudently use different financial instrument to accomplish their goals.
The most important investment decision you will probably ever make the balancing of assets categories {stock, bond, Real estate, money market securities, etc.} at different stages of your life.
This chapter will show that:
whatever your aversion to risk
whatever your position on the eat-well, sleep-well scale-your age, income from employment, and specific responsibilities in life;
go a long way toward helping you determine the mix of assets in your portfolio.
Wayne lippman - investing in mutual fundsWayne Lippman
Identify why people invest in mutual funds.
Distinguish among the four major objectives of mutual funds.
Classify mutual funds by portfolio.
List the unique benefits of mutual funds.
Describe the various charges and fees associated with investing in mutual funds.
Explain how to select a mutual fund in which to invest.
Recognize valid reasons for selling a mutual fund investment.
open-end investment company combining funds of investors who have purchased shares in a diversified portfolio of securities.
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Why is FDI increasing in the world economy?
Why do firms often prefer FDI to other market entry strategies?
Why do firms imitate competitors with FDI strategies?
Why are certain locations favored for FDI?
How does political ideology affect government FDI policy?
What are key FDI related costs and benefits for receiving and source countries?
-Wayne Lippman CPA
Guide to Fiduciary Funds by Wayne B LippmanWayne Lippman
Guide to Fiduciary Funds
Used to account for funds held by Govt entity as a Trustee or Agent
Uses Accrual basis of accounting and Economic Resources measurement focus (2 Exceptions)
Only Fund Statements are prepared by Fund Type
Statement of Net Assets
Statement of Changes in Fiduciary Net Assets
Combining Statements
wayne lippman investing in mutual fundsWayne Lippman
wayne lippman investing in mutual funds.
Identify why people invest in mutual funds.
Distinguish among the four major objectives of mutual funds.
Classify mutual funds by portfolio.
List the unique benefits of mutual funds.
open-end investment company combining funds of investors who have purchased shares in a diversified portfolio of securities.
Investment advince from wayne lippman : lippman & Associates CPA'sWayne Lippman
1.Classification and reporting of Investments: trading securities, available-for-sale securities and held-to-maturity securities.
2.Investments recorded and reported using the equity method.
3. The fair value option reporting for investments.
Investment basics wayne lippman
Wayne Lippman has forty years of involvement in broad daylight bookkeeping incorporating a quarter century Price Waterhouse, where he served as an expense accomplice in the San Francisco and Oakland workplaces. He was already Managing Tax Partner of the Walnut Creek office of Price Waterhouse.
Wayne spends significant time in individual assessment getting ready for corporate officials and corporate duty anticipating firmly held organizations. He has huge involvement in investment opportunity arranging, exploration and trial credits and multi-state tax assessment. His industry experience incorporates the tax assessment of assembling, dispersion, development, high innovation, retail, benefit commercial enterprises, land organizations and endeavor reserves. Wayne is dynamic in expert associations and is a past administrator of the Taxation Committee of the California Society of Certified Public Accountants, East Bay Chapter. Wayne Lippman got a Bachelor of Arts degree in Economics from the University of California, Berkeley and a Master of Science degree in Taxation from Golden Gate University.
Types of investments from CPA wayne lippmanWayne Lippman
Overview of the general types of different investments people can make in today's society, presented by Wayne Lippman CPA http://www.yelp.com/biz/wayne-lippman-lippman-and-associates-cpas-walnut-creek-2
All about taxes, forms and deductions -- Wayne Lippman CPAWayne Lippman
All about taxes, forms and deductions -- Wayne Lippman CPA
http://www.ptindirectory.com/tax-preparers/california/walnut-creek-ca/454953/lippman-and-associates-cpas-inc/wayne-b-lippman-cpa
Wayne Lippman presents Accounting BasicsWayne Lippman
Wayne Lippman presents Accounting Basics. This basic overview of the accounting process from Wayne Lippman CPA covers the basic principals of accounting. It includes discussions of accounting ethics, accounting process, roles, Generally Accepted Accounting Practices (GAAP).
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Divorce tax planning before the divorce - Wayne Lippman
1. DIVORCE TAX PLANNINGDIVORCE TAX PLANNING
Part 1: Before the DivorcePart 1: Before the Divorce
Wayne Lippman
Walnut Creek, CA
2. Disclosures and Disclaimers
The information and opinions in this writing are generalizations and may
not specifically apply to you or your clients. The purpose of this
document is to give tax professionals a broad outline of tax matters and
major components you may wish to consider. In the litigation of
separation and dissolution of marriage, each case has it own set of
problems. Therefore, it is very important that you obtain legal and
accounting advice before using any information contained herein. No
warranties as to merchantability or fitness for a particular purpose is
expressed or implied. Application of tax law and use of the information
contained in this document is 100%, solely the responsibility of the
reader.
IRS Circular 230 Notice: Unless expressly stated otherwise in this
document, any tax advice contained herein, forwarded with or attached
to this message was not and is not intended to be used, nor may it be
relied upon or used, by any taxpayer for the purpose of (1) the
avoidance of any tax-related penalties under the Internal Revenue
Code or applicable state or local tax law provisions, or (2) promoting,
marketing or recommending to another party any tax transaction or tax-
related matters that may be addressed herein
3. When “Happily Ever After” Isn’t Working Anymore
Should you or can you represent both individuals,
during and after the divorce?
Filing requirements-new rules for claiming
dependents and exemptions.
Who gets to claim the credits and deductions for the
children
Community Property-Special rules may apply if you
live in a community property state.
What happens if you split the retirement plan
assets?
What about Alimony and Child Support?
What important records does your client need to
compile before the divorce?
4. Filing Status
The filing status you can choose depends partly on your marital
status on the last day of your tax year.
If you are unmarried, your filing status is single or, if you meet
certain requirements, head of household or qualifying widow(er).
You are married for the whole year if you are separated but you
have not obtained a final decree of divorce or separate maintenance
by the last day of your tax year.
Exception: If you live apart from your spouse, under certain
circumstances, you may be considered unmarried and can file as
head of household.
For federal tax purposes, a marriage means only a legal union
between a man and a woman as husband and wife.
Note: 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. This responsibility applies even if your
divorce decree states that your former spouse will be responsible for
any amounts due on previously filed joint returns.
5. Married Filing Separately
If you and your spouse file separate returns, you should each
report only your own income, exemptions, deductions, and
credits on your individual return. You can file a separate return
even if only one of you had income.
Community or separate income. If you live in a
community property state and file a separate return,
your income may be separate income or community
income for income tax purposes.
Separate liability. If you and your spouse file
separately, you each are responsible only for the tax
due on your own return.
Itemized deductions. If you and your spouse file
separate returns and one of you itemizes deductions,
the other spouse cannot use the standard deduction and
should also itemize deductions.
6. Itemized Deductions on Separate Returns
This table shows itemized deductions you can claim on your married filing separate return whether you paid the
expenses separately with your own funds or jointly with your spouse. Caution: If you live in a community property
state, these rules do not apply
IF you paid ... AND you ...
THEN you can deduct on your separate
federal return ...
Medical
expenses
paid with funds deposited in a joint
checking account in which you and your
spouse have an equal interest
half of the total medical expenses, subject to
certain limits, unless you can show that you
alone paid the expenses.
state income tax file a separate state income tax return the state income tax you alone paid during the year.
file a joint state income tax return and you
and your spouse are jointly and individually
liable for the full amount of the state income tax
the state income tax you alone paid during the year.
file a joint state income tax return and
you are liable for only your own share
of state income tax
the smaller of:
- the state income tax you alone paid during the
year, or
- the total state income tax you and your spouse
paid during the year multiplied by the following
fraction. The numerator is your gross income and
the denominator is your combined gross income.
property tax paid the tax on property held as tenants
by the entirety
the property tax you alone paid.
Mortgage
interest
paid the interest on a qualified home
held as tenants by the entirety
the mortgage interest you alone paid.
casualty loss have a casualty loss on a home you
own as tenants by the entirety
half of the loss, subject to the deduction limits.
Neither spouse may report the total casualty loss.
7. Separate Returns
Separate returns may give you a higher tax. Some married couples
file separate returns because each wants to be responsible only for his
or her own tax. There is no joint liability. But in almost all instances, if
you file separate returns, you will pay more combined federal tax than
you would with a joint return. This is because special rules apply if you
file a separate return. These rules include the following items:
Your tax rates will increase at income levels that are
lower than those for a joint return filer.
Your exemption amount for figuring the alternative
minimum tax will be half of that allowed a joint return filer.
You cannot take the credit for child and dependent care
expenses in most cases.
You cannot take the earned income credit.
You cannot take the exclusion or credit for adoption
expenses in most instances.
8. Separate Returns, cont.
You cannot take the credit for higher education
expenses (Hope and lifetime learning credits), or the
deduction for student loan interest.
You cannot exclude the interest from qualified savings
bonds that you used for higher education expenses.
If you lived with your spouse at any time during the tax
year:
You cannot claim the credit for the elderly or the
disabled,
You will have to include in income more (up to 85%)
of any social security or equivalent railroad retirement
benefits you received, and
You cannot roll over amounts from a traditional IRA
into a Roth IRA.
9. Separate Returns, cont.
Your income limits that reduce the child tax credit,
retirement savings contributions credit, itemized
deductions, and the deduction for personal exemptions
will be half of the limits allowed a joint return filer.
Your capital loss deduction limit is $1,500 (instead of
$3,000 on a joint return).
Your basic standard deduction, if allowable, is half of that
allowed a joint return filer. See Itemized deductions,
earlier.
10. Joint return after separate returns. If either you or
your spouse (or both of you) file a separate return, you
generally can change to a joint return any time within 3
years from the due date (not including extensions) of the
separate return or returns. This applies to a return either
of you filed claiming married filing separately, single, or
head of household filing status. Use Form 1040X.
Separate returns after joint return. After the due date
of your return, you and your spouse cannot file separate
returns if you previously filed a joint return.
Exception. A personal representative for a decedent can change from a joint
return elected by the surviving spouse to a separate return for the decedent.
The personal representative has one year from the due date (including
extensions) of the joint return to make the change
11. Head of Household
Filing as head of household has the following advantages:
You can claim the standard deduction even if your spouse
files a separate return and itemizes deductions.
Your standard deduction is higher than is allowed if you
claim a filing status of single or married filing separately.
Your tax rate usually will be lower than it is if you claim a
filing status of single or married filing separately.
You may be able to claim certain credits (such as the
dependent care credit and the earned income credit) you
cannot claim if your filing status is married filing
separately.
12. Head of Household, cont.
Income limits that reduce your child tax credit, retirement
savings contributions credit, itemized deductions, and the
amount you can claim for exemptions will be higher than
the income limits if you claim a filing status of married filing
separately.
Requirements: You may be able to file as head of
household if you meet all the following requirements:
You are unmarried or “considered unmarried” on the last
day of the year.
You paid more than half the cost of keeping up a home for
the year.
A “qualifying person” lived with you in the home for more
than half the year (except for temporary absences, such as
school). However, if the “qualifying person” is your
dependent parent, he or she does not have to live with you.
13. Head of Household, cont.
Considered unmarried: You are considered unmarried on
the last day of the tax year if you meet all the following tests.
You file a separate return.
You paid more than half the cost of keeping up your home
for the tax year.
Your spouse did not live in your home during the last 6
months of the tax year. Your spouse is considered to live in
your home even if he or she is temporarily absent due to
special circumstances.
Your home was the main home of your child, stepchild, or
eligible foster child for more than half the year.
You must be able to claim an exemption for the child.
However, you meet this test if you cannot claim the
exemption only because the noncustodial parent can claim
the child using the special rules for divorced or separated
parents.
14. Dependency Exemption:
Tests to Be a Qualifying Child
1. The child must be your son, daughter, stepchild, eligible
foster child, brother, sister, half brother, half sister,
stepbrother, stepsister, or a descendant of any of them.
2. The child must be (a) under age 19 at the end of the
year, (b) under age 24 at the end of the year and a full-
time student, or (c) any age if permanently and totally
disabled.
3. The child must have lived with you for more than half of
the year.
4. The child must not have provided more than half of his or
her own support for the year.
If the child meets the rules to be a qualifying child of more than
15. Dependency Exemption:
Test to Be a Qualifying Relative
1. The person cannot be your qualifying child or the
qualifying child of anyone else.
2. The person either (a) must be related to you in one of
the ways listed under Relatives who do not have to live
with you, in Publication 501, or (b) must live with you
all year as a member of your household (and your
relationship must not violate local law).
3. The person's gross income for the year must be less
than $3,400.
4. You must provide more than half of the person's total
16. When More Than One Person Files a Return
Claiming the Same Qualifying Child
(Tie-Breaker Rule)
IF more than one person files a return
claiming the same qualifying child and ...
THEN the child will be treated as the qualifying
child of the ...
only one of the persons is the child's parent, parent.
two of the persons are the child's parents and
they do not file a joint return together,
parent with whom the child lived for the longer period
of time during the year.
two of the persons are the child's parents,
they do not file a joint return together, and the
child lived with each parent the same amount
of time during the year,
parent with the higher adjusted gross income (AGI).
none of the persons are the child's parent, person with the highest AGI.
17. Community Property
If you are married and your domicile (permanent legal home) is in a
community property state, special rules determine your income.
Community Property States
Arizona, California, Idaho, Louisiana, Nevada,
New Mexico, Texas, Washington, and Wisconsin
If your domicile is in a community property state during any part of your
tax year, you may have community income. Your state law determines
whether your income is separate or community income. If you and your
spouse file separate returns, you must report half of any income
described
by state law as community income, and your spouse must report the other
half. Each of you can claim credit for half the income tax withheld form
community income.
There are exceptions and relief from separate return liability. See IRS Pub 555.
18. Retirement Plan Assets
Qualified Domestic Relations Order
A qualified domestic relations order (QDRO) is a
judgment, decree, or court order (including an approved
property settlement agreement) issued under a domestic
relations law.
Benefits paid to a child or dependent.
Benefits paid to a spouse or former spouse.
Rollovers
Alimony & Child Support
Pre-1985 Rules
Post -1984 Rules
Expenses for a Jointly-Owned Home
Child Support is not Alimony
Alimony Recapture Rules
19. Important Records to Compile before the Divorce
The most important step is to completely understand your financial situation.
Second, you need to make sure copies of important records are in your control.
You should obtain or consider:
Birth certificates - You and the children
Complete copies of tax returns for at least the last three years
Copies of all deeds, stocks, bonds, brokerage statements, etc.
Inventory all items in your safe deposit box
Copies of all debt instruments - Loans, mortgages, leases, etc.
Copies of wills, marriage certificate, trust agreements, marriage
contracts, etc.
Copies of insurance agreements - Life, auto, business, etc.
Inventory of home and personal assets - Photos or video tapes will
assist in establishing contents
Copies of all monthly bank statements
20. Important Records to Compile before the Divorce
Copies of all retirement plans and statements
Make sure all taxes are paid and up-to-date
Personal auto - Make sure it is in good condition
Family business - You need to be familiar will all aspects of the
financial situation
Do not sign blank documents
Make sure you get a complete medical and dental check up.
Determine if you and the children have health insurance coverage
should you separate.
Stash some cash. Have enough on hand or in traveler checks to
get by on until your attorney can get the court to award temporary
support.
Copies of credit reports from the 3 major reporting companies.
Contact all credit card companies, mortgage company and other
debtors. Ask what type account you have. (Joint, individual, etc.)