Tax Tip #7 Transfers to Spouse

7. Unused transfers to spouse. A variety of federal non-refundable tax credits can be transferred between spouses, particularly useful to individuals at a lower income level. Yet taxpayers tend to miss out on claiming certain credits, like the age credit and first $1,000 of pension income, say tax pros.

Another tax credit that taxpayers sometimes miss out on is the equivalent-to-spouse amount.

Although many are aware of the spousal credit, they don’t know that a similar credit exists for single, separated or divorced people who have a dependent relative living with them.

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