Transferring Income To Spouse
Description
How to fill out Bill Of Transfer To A Trust?
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FAQ
You must report the name, social insurance number and net income (or the amount the net income would be if he/she filed a return) of your spouse or common-law partner on page 1 of your tax return. The spouse net income affects some tax credits, including the spousal amount tax credit.
Filing as Married If you were married or in a common-law relationship in the tax year for which you are filing, you must note your status as in the ?information about you? section of your tax return, including information about your spouse ? their name, social insurance number, net income and employment status.
Employee wages you pay your spouse are fully taxable. Your spouse-employee must pay federal and state income tax on wages. And you and your spouse must each pay half of the Social Security and Medicare tax on wages. As your spouse's employer, you must withhold these taxes and pay them to the IRS.
If you enter an amount on line 474 and you have a spouse, you can transfer all or part of your refund to your spouse. If the amount of the refund on line 474 of your return is less than $2, it cannot be transferred to your spouse.
One way to lower your household's tax liability is to consider income splitting. This works best if one spouse earns significantly more than the other spouse does. Income splitting lets the higher-income spouse shift some of their income to the lower-income spouse (whether they are married or common-law).
