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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
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
