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Maria and Miguel Blanco are in the midst of negotiating a divorce. Because both parties are unwilling to share any current financial information, their joint Form 1040 for 2011 is not filed until October 31, 2012, when the respective divorce attorneys forced them to cooperate. The Blancos should not be subject to any Federal late-filing penalties, because of the reasonable cause exception.
Deposits
Funds placed into an account in a bank or other financial institution for safekeeping.
Compounded Quarterly
Interest on an investment or loan calculated four times per year, adding each quarter's interest to the principal for the calculation of the next quarter's interest.
Interest Rate Change
Modification in the percentage that determines the amount of interest to be paid on a loan or received on deposits over time.
Compounded Quarterly
A method of calculating interest where the accumulated interest is added to the principal sum every three months, leading to interest earnings on interest.
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