Sentences with phrase «agi above»

• Reinstates the Pease / PEP phaseouts for deductions; for married taxpayers with AGI above $ 300,000 ($ 250,000 single), the Pease limitation reduces total itemized deductions by 3 percent for the dollar amount of AGI above the thresholds.

For instance, the credit began to disappear in 2017 for married couples who earned more than $ 110,000 and for single filers with AGI above $ 75,000.

For AGI above $ 129,000, make traditional IRA contributions.

For 2014, this is when a single taxpayer has modified AGI above $ 129,000 and when a married taxpayer filing jointly has modified AGI above $ 191,000.

When a single taxpayer has AGI above $ 129,000 they are prohibited from making any contributions.

As a result, if you are eligible for a child tax credit of $ 1,000, but have $ 20,000 or more in AGI above the threshold, you won't be able to claim any portion of the credit.

For instance, the credit began to disappear in 2017 for married couples who earned more than $ 110,000 and for single filers with AGI above $ 75,000.

In the past, the credit began to disappear for married couples who earned more than $ 110,000 and for single filers with AGI above $ 75,000.

Not exact matches

In addition, a «bubble tax» of 6 % would apply to a portion of adjusted gross income (AGI) above $ 1 million.

In the end, this means there will be an IRA deduction of up to $ 5,500 in 2015 (reported on Line 32 of Form 1040), Roth conversion income of up to $ 5,500 to match it (reported on Line 15 of Form 1040), and since both are above - the - line income / deductions on the tax return, the net result is $ 0 of Adjusted Gross Income (AGI) and a $ 0 tax liability, even while getting the whole $ 5,500 in a Roth IRA!

Ultimately then, as the above graphic shows, either way the net result is that $ 5,500 goes into an IRA, $ 5,500 ends out in a Roth IRA, and the net impact on Adjusted Gross Income (AGI) is $ 0, which means the tax impact is $ 0!

Of course, as discussed above, we do not need AGI to witness major disruptions!

So if you're not too far above the maximum allowable AGI for the credit, you may be able to help yourself slip below the cutoff by putting money into a traditional 401 (k) or traditional IRA, or stashing away more dough if you're already contributing.

If it's any comfort, there's a similar feedback between the above - the - line deduction for health insurance for self - employed and the AGI - dependent ACA (aka Obamacare) Premium Tax Credit that takes 16 pages in pub 974.

As your modified AGI rises above those amounts, your contribution amount is gradually reduced or «phased out,» and eventually eliminated.

Above - the - line tax deductions are subtracted from your gross income and the resulting number is your AGI.

NOTE: The moving expenses tax deduction is an «above - the - line» deduction, which means it is taken before your AGI (adjusted gross income) is calculated, instead of after like most other deductions.

(You can see how above the line deductions that reduce your AGI can make it possible to claim certain itemized deductions.)

There are other tax deductions that you can itemize, such as work - related expenses, medical expenses above 10 % of your AGI, and miscellaneous expenses that amount to more than 2 % of your AGI.

Adding $ 100 to your income has no effect on your personal exemptions if your AGI falls just above one of the $ 2,500 increments.

The first is an above the line deduction, which takes place before you figure out your adjusted gross income (AGI).

Above - the - line deductions are subtracted from your total income, thus lowering your AGI.

So with AGI at least $ 1 above the following levels (for 2013), your personal exemptions are completely eliminated:

Student loan interest paid As mentioned in my previous article, student loan interest paid is an above - the - line deduction, which means it lowers your AGI.

Example: Your AGI is $ 1,000,000 above the Pease threshold and your only itemized deduction is $ 70,000 in state income tax.

Example: Your AGI is $ 1,000,000 above the Pease threshold and your unprotected itemized deductions add up to $ 32,000.

We define ECI to be adjusted gross income (AGI) plus: above - the - line adjustments (e.g., IRA deductions, student loan interest, self - employed health insurance deduction, etc.), employer paid health insurance and other nontaxable fringe benefits, employee and employer contributions to tax deferred retirement savings plans, tax - exempt interest, nontaxable Social Security benefits, nontaxable pension and retirement income, accruals within defined benefit pension plans, inside buildup within defined contribution retirement accounts, cash and cash - like (e.g., SNAP) transfer income, employer's share of payroll taxes, and imputed corporate income tax liability.

You can deduct the amount you spend on certain types of medical care and products when that amount is above either 10 percent or 7.5 percent of your AGI, depending on your age.

If your AGI is above $ 80,000 / $ 160,000, the deduction will not be available to you.

The first formula is «Gross income minus above - the - line deductions equals your adjusted gross income (AGI).»

Above - the - line tax deductions are taken before your AGI is calculated (instead of after, like the other deductions).

The first formula is: Gross income minus above the line deductions equals your adjusted gross income (AGI).

Above $ 191,000 of modified AGI, contributions are prohibited.

You are ineligible to contribute to a Roth IRA if your income (AGI) is above $ 116,000 as a single filer or $ 169,000 if you are married and filing jointly.

If your AGI is above the limit, you'll lose your grip on some of your itemized deductions.

For example, if you have an annual income (AGI) of $ 50,000, you would only be able to deduct the health expenses that exceed $ 5,000 (assuming you have deductions, like mortgage interest) to push your total Schedule A deductions above the standard deduction).

This program uses the same calculation as the IBR repayment plan above, except your payment must exceed 10 % of the difference between your AGI and 150 % of the poverty line.

It is possible for your earned income to be below the threshold but for your total income and therefore your AGI to be above the threshold because of the addition of unemployment compensation.

This HSA contribution deduction is great because it is an «above the line» deduction meaning that it is deducted before arriving at your Adjusted Gross Income (AGI) number.

Only medical expenses above the 10 % AGI limit qualify.

The income thresholds above are based on «Modified» Adjusted Gross Income, where the «modification» is to add any tax - exempt bond interest to the individual's current AGI.

Given the numbers above, could I convert $ 4148 (equal to my AGI loss, line 22) without paying any taxes at all?

If not, can I still deduct anything above 10 % of AGI on my Schedule A?

Above - the - line deductions are subtracted from your gross income, and the resulting number is your AGI.

If your income is above the AGI limit, it may be reduced by a certain percentage or, if above the maximum limit, the credit may be eliminated in its entirety.

If you have no earned income but your spouse earns enough income to cover your contribution as well as their own, and their income (AGI) does not exceed the limits above, you can contribute to a Roth IRA account.

We already described this project above, but AIs can pay other AIs for services using AGI cryptocurrency.

This rule will reduce slightly the value of itemized deductions, such as for charitable giving and mortgage interest, for taxpayers above $ 300,000 in AGI ($ 250,000 if single), by 3 cents for every dollar above the threshold amounts.