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An individual's tax liability depends upon two variables: the individual's filing status and the taxable income. [16] The status can determine the correct amount of tax, whether the taxpayer can take certain tax deductions or exemptions that could lower the final tax bill, and even whether one must file a return at all. [ 17 ]
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Married Filing Jointly Standard Deduction: When filing with the married filing jointly tax-filing status, a couple can take a standard deduction of $24,800 for 2020. Learn More: 9 Tax Tips Every ...
The U.S. federal Estate and gift tax marital deduction is only available if the surviving spouse is a U.S. citizen. For a surviving spouse who is not a U.S. citizen a bequest through a Qualified Domestic Trust defers estate tax until principal is distributed by the trustee, a U.S. citizen or corporation who also withholds the estate tax. Income ...
Filing taxes under the status of “married filing separately” for tax year 2020 — i.e., the return you’re filing in 2021 — is largely unchanged from the 2019 tax year. If the IRS hands ...
Of these deductions, the most important is the deduction for property passing to (or in certain kinds of trust, for) the surviving spouse, because it can eliminate any federal estate tax for a married decedent. However, this unlimited deduction does not apply if the surviving spouse (not the decedent) is not a U.S. citizen. [29]