Sentences with phrase «pease phaseout»
For one, the new law eliminates the Pease phaseout on itemized deductions for taxpayers with high AGIs from 2018 to 2025.
https://www.fidelity.com/ Not exact matches
PEP is the phaseout of the personal exemption and Pease (named after former U.S. House Representative Donald Pease) phases out the value of most itemized deductions once a taxpayer's adjusted gross income reaches a certain amount.
The personal exemption phaseout begins to apply at the same income levels as the Pease rule.
The personal exemption phaseout and the Pease rule for reducing itemized deductions are revived, but at higher income levels than under prior law.
Yet the irony is that while they are referred to as «phaseouts of itemized deductions» and a «personal exemption phaseout» the reality is that the Pease limitation and PEP are applied primarily based on the extent by which someone's income is over specified thresholds.
These two rules, triggering a phaseout of itemized deductions and personal exemptions, are also known respectively as the Pease Limitation on itemized deductions (named after Representative Donald Pease [D - Oh.]
• 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.