Sentences with phrase «exemption phaseout»

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.

The personal exemption phaseout and the Pease rule for reducing itemized deductions are revived, but at higher income levels than under prior law.

The Personal Exemption Phaseout (PEP) thresholds are as follows:

The personal exemption phaseout begins to apply at the same income levels as the Pease rule.

LTCGs do get the special rates under AMT, but there \'s some weird interaction that goes on there in some situations (I think having to do with the exemption phaseout, which means we \'re talking here about folks with higher incomes, at least higher incomes once you include the capital gains).

The Personal Exemption Phaseout (PEP) thresholds are as follows:

who first authored the legislation enacting the rule back in 1991), and the PEP (an acronym for the Personal Exemptions Phaseout).

Alternative Minimum Tax Exemption Phaseouts Increased From $ 120,700 (Single) / $ 160,900 (Married Filing Joint) to $ 500,000 (Single) / $ 1 Million (Married Filing Joint).

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.

For example, in 2017 the phaseout of personal exemptions begins at $ 313,800 for married couples filing jointly, less than twice the $ 261, 500 threshold for single filers.

It does not take into account state or local taxes, fees, or expenses, or the net gain's potential impact on adjusted gross income, which could impact exemption and deduction phaseouts and eligibility for other tax benefits.

Singles over $ 250K and marrieds over $ 300K, phaseout of itemized deductions and personal exemptions.

But when you make a wild claim that «they are receiving $ 135K a year in tax deductions» that are «above and beyond any standard deduction or exemptions», it certainly appears to be ignorant of factors like income - based phaseouts that kill the very exemptions you were complaining about.

In addition, high - income earners may be subject to the phaseout of itemized deductions and personal exemptions.

Similarly, your personal exemptions are subject to a phaseout if your income exceeds $ 305,050 for married and $ 254,200 for single filers.

Income within the phaseout range is mostly taxed in the 35 % tax bracket, so roughly speaking PEP increases the marginal tax rate in this range by about 1 percentage point (35 % times 3 %) for each personal exemption (but double that if you're married filing separately).

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.

For example: A married couple earns $ 350,000 of ordinary income and faces a marginal federal tax rate as high as 39.8 %: a 33 % tax bracket plus two percentage points for the phaseout of personal exemptions, one point for the phaseout of itemized deductions and a 3.8 % Medicare surtax on net investment income.

They are designed to help protect your personal exemptions and itemized deductions from phaseouts.

They are meant to help protect your personal exemptions and itemized deductions from phaseouts.

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 taxes.

Deductions impacted by income phaseouts, such as medical expense deductions, miscellaneous itemized deductions, and the AMT exemption (for those subject to the Alternative Minimum Tax), can all cause the marginal tax rate that applies to income to vary from just the tax bracket alone.

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.]

Furthermore, the phaseout rules for personal exemptions (another form of tax deduction) do not apply in 2010.