Can I claim my spouse exemption if we are filing as Married Filing Separate or Head of Household?

Deduction for personal exemptions suspended Starting in 2018, you can’t claim a personal exemption deduction for yourself, your spouse, or your dependents. Prior years: You can claim your spouse exemption if: 1. Your filing status is married filing jointly and your spouse cannot be claimed as a dependent on another person's return. 2. You were married at the end of the year, your [...]

Exclusion on Sale of Main Home

Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Exception. If you owned and lived in the property as your [...]

First-Time Home Buyer Credit

First-Time Home Buyer Credit - You can use this form to make a payment on the credit you took. Repayment of the Credit. If you are repaying the credit with your tax return, you are required to file form 5405 only if: You disposed of your home or you ceased using the home as your main home in the tax year, or You purchased your home in 2008, it was destroyed, or you sold it through [...]

What are the contribution limits for a traditional and Roth IRA?

For 2020, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts. • $6,000 ($7,000 if you are age 50 or older). • Your taxable compensation (defined earlier) for the year. Note. This limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by [...]

What is Standard Deduction?

2021 standard deductions: Single...................................................................$12,550 Married filing jointly. Qualifying widow(er) ........$25,100 Married filing separately .....................................$12,550 Head of household...............................................$18,800 Additional amount of $1300 if the date of birth for the primary or spouse is [...]