Sentences with phrase «credit phaseout»

Here's a quick guide to the Child Tax Credit phaseout thresholds for 2018.

[2] ATRA also temporarily extended the higher earned income tax credit phaseout threshold for joint filers.

Not exact matches

In contrast, the adoption credit phases out over a $ 40,000 range, so its phaseout rate is one - fourth as fast — just 0.25 percent per $ 100.

For example, for single tax filers, the American Opportunity Tax Credit phases out evenly over a $ 10,000 range, so its phaseout rate is 1 percent per $ 100 in additional income.

The phaseouts also create hidden taxes over the phaseout range and diminish the effectiveness of the credits by encouraging the very activities they are designed to spur.

Provisions such as the phaseout of tax credits can cause marginal tax rates to differ from statutory tax rates.

You also mention child care - The child care credit comes with a phaseout based on income, the Dependent care account alows you to set aside up to $ 5K pretax money to covers these costs.

In addition, taxes are more than just marginal tax rates — you need to consider the phaseout of exemptions, deductions, and credits when calculating the effect of taxes.

BTW, I'd be thrilled to have a tax rate of 15 %, no amt, no phaseout of my itemized deductions, the ability to make a deductible IRA contribution, the ability to have child tax credits for my 3 kids, etc..

The phaseout for the new credit begins at $ 200,000 for single filers and $ 400,000 for joint filers.

In 2018, the credit will be available to far more households, thanks to a massive raise in the phaseout thresholds.

The earned income tax credit threshold for couples filing jointly is set at $ 5,000 (indexed from 2008) above the phaseout for single filers.

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).

The tax act also expands the child credit and the Earned Income Tax Credit (EITC), reduces marriage penalties, increases subsides for education and retirement saving, repeals the limitations on itemized deductions and phaseouts of personal exemptions, and provides temporary, limited relief from the alternative minimum tax (AMT), a complex law that was designed to prevent aggressive tax sheltering but primarily affects large families or residents of states with high income credit and the Earned Income Tax Credit (EITC), reduces marriage penalties, increases subsides for education and retirement saving, repeals the limitations on itemized deductions and phaseouts of personal exemptions, and provides temporary, limited relief from the alternative minimum tax (AMT), a complex law that was designed to prevent aggressive tax sheltering but primarily affects large families or residents of states with high income Credit (EITC), reduces marriage penalties, increases subsides for education and retirement saving, repeals the limitations on itemized deductions and phaseouts of personal exemptions, and provides temporary, limited relief from the alternative minimum tax (AMT), a complex law that was designed to prevent aggressive tax sheltering but primarily affects large families or residents of states with high income taxes.

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.

Another option would coordinate the phaseout of tax credits.

«Phaseout of the credit is to begin after the total number of qualified PHEVs in the US sold after 31 December 2008 is at least 250,000.»

* The credit is reduced if your adjusted gross income is above the predetermined amount (or phaseout threshold) for qualification.

As a consequence of the phaseout, couples of all ages within the applicable income range may receive a much less generous credit if they combine their earnings through marriage.

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.