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Can you refinance your mortgage if you're in Chapter 13 but have not filed income taxes since 2003?
You have to receive approval to change your 'plan' from the Bankruptcy court. Usually, if they approve; and , you can find a lender willing to refinance while you are in BK, this means the money you save is then used to pay more to your debtors. if that is what you want to do. Usually, lenders want to see you pay the plan to it's end and then refinance.
Can you please define refinance loans?
Refinance Loans are loans that are used from the equity in the home. the money from a refinance loan can be used to pay off bills or maybe you can have it set back for a day that it will truly be needed.
What is the current car value for refinance?
The current car value for refinance is the estimated worth of your car that will be used as collateral for a new loan.
What is meaning of DTI?
DTI stands for Debt-to-Income ratio, which is a financial metric used to evaluate an individual's ability to manage monthly debt payments relative to their gross monthly income. It is calculated by dividing total monthly debt payments by gross monthly income, expressed as a percentage. A lower DTI indicates better financial health, as it suggests that a smaller portion of income is allocated to debt repayment. Lenders often use DTI to assess creditworthiness when considering loan applications.
Can SSI payments be used to qualify for a home loan?
SSI is a valid income source and can be used to qualify for a home loan. With most lenders you can even use 25% more than the actual income amount to qualify since SSI is not taxed like other income types (this evens the playing field since employed people use their gross income when its known that it will be taxed before they can use it to repay the loan).
Is your adjusted gross income is your gross income minus specific deductions?
Yes, your adjusted gross income (AGI) is calculated by taking your gross income and subtracting specific deductions, known as adjustments to income. These adjustments can include contributions to retirement accounts, student loan interest, and certain expenses related to self-employment. The AGI is an important figure used to determine eligibility for various tax credits and deductions.
How is adjusted gross income figured for IRS form used for medical expenses?
You adjusted gross income is figured the same way no matter what. When filing Schedule A of your return you will deduct either 7.5% or 10% of your adjusted gross income from your medical expenses depending on your age. You also have to deduct anything paid by your insurance. This only leaves the amount you paid out of pocket for deductibles, copays, and your percentage you actually paid after your deductible.
How do you calculate adjusted gross income?
Adjusted Gross Income (AGI) is calculated by taking your total gross income, which includes wages, dividends, capital gains, and other income sources, and then subtracting specific deductions known as adjustments. These adjustments may include contributions to retirement accounts, student loan interest, and certain educational expenses. The resulting figure is your AGI, which is used to determine eligibility for various tax credits and deductions on your tax return.
How do you calculate Adjusted Gross Income (AGI)?
Adjusted Gross Income (AGI) is calculated by taking your total gross income, which includes wages, dividends, capital gains, and other income sources, and then subtracting specific deductions known as adjustments. These adjustments may include contributions to retirement accounts, student loan interest, educator expenses, and certain business expenses. The resulting figure is your AGI, which is used to determine eligibility for various tax credits and deductions.
What is the difference between adjusted gross income and gross income?
Gross income on the 1040 income tax return is the total amounts of all of your worldwide taxable income added together that is on page 1 line 22 Total Income of the 1040 tax form. From the line 22 total taxable income you can have some amounts from line 23 through line 35 that can be used to reduce the gross taxable amount from the line 22 Total Income. The total amount of the adjustments form page 1 line 36 will be subtracted from the amount on line 22 Total Income and the reaming amount will be your adjusted gross income on line 37 and then that amount (AGI) will go to page 2 of the 1040 tax form line 38 for your AGI amount.
What is the Gross Domestic Income or GDI?
The Gross Domestic Income, or GDI, is total of all income of a country, both from services and products manufactured. It is used to evaluate economic activity based on income.
What dose gross and net mean?
Gross and net are often used to distinguish between an amount before a related expenses and after. For example, gross income and net income. If I earn $10,000 in a month that is my gross income. However, if I am taxed at 25%, I have to give $2,500 to the government. My net income is then $7,500 ($10,000 - $2,500).
What is the tie breaker rule for a qualifying child?
The tiebreaker rule for a qualifying child is used to determine which taxpayer is eligible to claim certain tax benefits if more than one taxpayer could claim the child. The tiebreaker rules prioritize the parent over a non-parent, the parent who the child lives with for more than half the year, the parent with the higher Adjusted Gross Income, and finally, if no parent can claim the child, the taxpayer with the highest Adjusted Gross Income.
What is net to gross?
Net to gross refers to the calculation used to determine the gross income or revenue from which expenses, taxes, and other deductions have been subtracted to arrive at the net income or profit. In real estate, for example, it can indicate the relationship between a property's net operating income and its gross rental income. Understanding net to gross is essential for evaluating profitability and financial performance in various contexts, such as business operations, investments, and tax assessments.
Does a traditional IRA distribution count as income for the marketplace subsidy?
Yes, a traditional IRA distribution counts as income when determining eligibility for marketplace subsidies. The Internal Revenue Service (IRS) considers IRA distributions as taxable income, which is included in the Modified Adjusted Gross Income (MAGI) calculation used to assess subsidy eligibility. Therefore, recipients should consider potential IRA distributions when evaluating their income for health insurance subsidies through the marketplace.
Can child support payments be used to determine gross income for eligibility for public assistance?
yes
What is the different disposable income and discretionary income?
Formulas are: Disposable income = consumption expenditure + savings - support of others; Discretionary income = Gross income - taxes - necessities. Although denotatively wrong, disposable income is commonly used to denote discretionary income.
