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Submitted By: Richard
Answered: June 10, 2014 8:30 am
Answered: June 10, 2014 8:30 am
Will filing separately as a married person impede my ability to take low-income housing credits?
Married persons who file separately are barred from claiming certain tax credits, such as the adoption credit or education credits. However, there is no such bar for the low-income housing credit.
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Tax Glossary
Active participation
Test for determining deductibility of IRA deductions. Active participants in employer retirement plans are subject to IRA deduction phase-out rules if adjusted gross income exceeds certain threshold.
