Sentences with phrase «income phaseout threshold»
Not exact matches
Phaseouts that are not adjusted for inflation affect more taxpayers over time, as inflation raises nominal incomes and thus lifts more taxpayers above the phaseout thresholds.
http://www.taxpolicycenter.org/
[2] ATRA also temporarily extended the higher earned income tax credit phaseout threshold for joint filers.
Although the maximum deduction amount is not indexed to change with price levels, the income thresholds for the phaseout ranges are indexed.
The earned income tax credit threshold for couples filing jointly is set at $ 5,000 (indexed from 2008) above the phaseout for single filers.
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 credit is reduced if your adjusted gross income is above the predetermined amount (or phaseout threshold) for qualification.
[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.