Sentences with phrase «agi phaseout»

• Deduction for mortgage insurance extended through the end of 2013; reduces the cost of buying a home when paying PMI or insurance for an FHA or VA - insured mortgage; $ 110,000 AGI phaseout remains

Homeowner Tax Items • Extends through the end of 2013 mortgage debt tax relief; important rule that prevents tax liability from many short sales or mitigation workouts involving forgiven, deferred or canceled mortgage debt • Deduction for mortgage insurance extended through the end of 2013; reduces the cost of buying a home when paying PMI or insurance for an FHA or VA - insured mortgage; $ 110,000 AGI phaseout remains • Extends the section 25C energy - efficient tax credit for existing homes through the end of 2013; important remodeling market incentive, although the lifetime cap remains at $ 500.

Not exact matches

The chart below (from IRS.gov) shows the phaseouts for contributing to a Roth IRA based on your modifies AGI:

First, the phaseout starts when your AGI exceeds $ 311,300 if married filing jointly or qualifying widow (er), $ 285,350 if head of household, $ 259,400 if single, or $ 155,650 if married filing separately.

For married persons filing separate returns, the phaseout starts at $ 50,000 AGI.

For one, the new law eliminates the Pease phaseout on itemized deductions for taxpayers with high AGIs from 2018 to 2025.

In 2017, the amount of your deduction will begin to decrease, or phaseout, at an adjusted gross income of $ 65,000 ($ 135,000 if married filing jointly) and the deduction will be unavailable to you if your AGI is $ 80,000 ($ 165,000 if married filing jointly) or higher.

It is also income for all other purposes as well — which means it increases Adjusted Gross Income (AGI) and can impact tax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insurance).

If taxpayers are close to a phaseout range of a tax benefit they're otherwise eligible for, they could try to lower their adjusted gross income (AGI) so they can claim the tax benefit.

If taxpayers are close to a phaseout range of a tax benefit they're otherwise eligible for, they could try to lower their adjusted gross income (AGI) so they can claim the tax benefit, for example by contributing as much as possible to a pre-tax retirement plan, such as a 401 (k) or 403 (b) or a deductible IRA.

In another situation, the adoption credit is phased out for AGIs between $ 174,730 and $ 214,730, and in the case I've been alerted to, the taxpayer loses $ 11,600 on the next $ 40,000 of income due to this phaseout.

[13] At this income level, David and Valerie's itemized deductions are reduced by 3 % of the excess of their AGI ($ 450,000) over the 2018 phaseout threshold of $ 320,000, or by $ 3,900.

• 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.