An excess amount of an asset or resource compared to what is needed, often used in financial contexts to describe the amount by which revenue exceeds expenses.
Surviving Spouse
[sər-VAHY-ving spous]
What is the definition of Surviving Spouse?
A person whose spouse has died within the tax year and who may file a joint tax return for that year. Additionally, the surviving spouse can file joint returns for the next two years if they remain unmarried and maintain a household as the principal residence for a dependent child.
Using Surviving Spouse in an Example
A surviving spouse whose partner died in the current tax year can file a joint tax return for this year. If they remain unmarried and keep a household for a dependent child, they can also file jointly for the next two tax years.
Using Surviving Spouse in a sentence
After her husband passed away, Jane, as a surviving spouse, filed a joint tax return for the year of his death and planned to do so for the next two years while caring for their dependent child.
Related Terms
Swap
A financial contract in which two parties agree to exchange streams of payments over a specified period, based on different indices such as interest rates, foreign exchange rates, or equity indices, applied to a notional amount. Swaps typically do not involve the exchange of principal.
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