Sentences with phrase «phaseout threshold of»

[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.

Not exact matches

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.

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.

• 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.