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Income Splitting |
Also found in: Wikipedia | 0.03 sec. |
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The right, created by provisions of federal tax laws, given to married couples who file joint returns to have their combined incomes subject to an Income Tax at a rate equal to that which would be imposed if each had filed a separate return for one-half the amount of their combined income. Income splitting was devised as a result of legislation enacted by Congress in 1948 to equalize the federal taxation of married couples who lived in common-law states and who paid higher taxes than couples who lived in Community Property states and, as a result, have the tax benefits of income splitting. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| It was reported that the government "didn't have the fiscal room" in this budget to extend income splitting to all couples, as many had hoped would happen. As the IRS has said that it will not consider the classification of the property of California domestic partners as community earnings for purposes of income splitting on tax returns, it is arguable that the IRS should not consider the conversion of separate property into community property as a taxable event for that reason as well. The other is simply a shareholder for the purpose of income splitting, playing no role in day-to-day operations. |
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