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If the new year starts before your divorce becomes official, the IRS will still recognize you as married, and therefore allow you to file a joint return for the previous year.
One audit trigger is if you exclude some income sources or report a smaller amount of income than you actually received. "Underreporting income would probably be the first red flag," Greene Lewis ...
If you sell your residence as part of the divorce, you may still be able to avoid taxes on the first $500,000 of gain, as long as you meet a two-year ownership-and-use test. To claim this full ...
In the United States, an income tax audit is the examination of a business or individual tax return by the Internal Revenue Service (IRS) or state tax authority. The IRS and various state revenue departments use the terms audit, examination, review, and notice to describe various aspects of enforcement and administration of the tax laws. [1]
The annual deadline to file one's Federal individual income tax return is April 15. The IRS lists scenarios for which Tax Day does not follow this standard deadline - Taxpayers can file an extension where the taxes owed must be paid by April 15 but the completed tax return filed by October 15. [9]
This rule also applies on a transfer of property from a trust for the benefit of a spouse or former spouse if the transfer is incident to the divorce. For the purposes of this subsection, § 1041(c) states a transfer of property is incident to divorce if such a transfer either occurs within 1 year after the date on which the marriage ends, or ...
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In the most extreme case, two single people who each earned $400,000 would each pay a marginal tax rate of 35%; but if those same two people filed as "Married, filing jointly" then their combined income would be exactly the same (2 * $400,000 = $800,000), yet $350,000 of that income would be taxed as the higher 39.6% rate, resulting in a ...