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8 Cards in this Set
- Front
- Back
- 3rd side (hint)
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There are 6 itemized deductions. Can you list them?! |
1. Mortgage interest 2. Charitable contributions 3. Misc tax prep invest mngmt fees!!! Coach?! 4. State income taxes, sales tax, and real estate taxes(aka property) 5. Medical expenses 6. Investment interest |
Limitations apply to each deduction shocker |
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Must hit a threshold of medical to deduct them. What is it?!? |
10% of AGI (goes down as get older. 7.5 over age 65)
Amt threshold is 10% of AGI |
10 |
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Some taxes are deductible without a threshold or upper limit. BUT NO deduction for AMT purposes......... |
1. State income tax or certain sales taxes 2. Real estate taxes 2. Certain personal property taxes. |
This needs to be studied as law changes. Remember no AMT deduction. |
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Itemized deductions and personal exemptions include a phase out provision. What is dollar amount? |
Single 155 MFJ 311
Then 3% above that number is the reduction amount for itemized!!!
Personal exemption phases out quick! |
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Itemized deductions and personal exemptions include a phase out provision. What is dollar amount? |
Single 155 MFJ 311
Then 3% above that number is the reduction amount for itemized!!!
Personal exemption phases out quick! |
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When does personal exemption phase out?!4050 is exemption until.... |
311 MFJ. 259 single Phases OUT completely at 382k single and 433k Joint |
Let’s do the math |
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Deductible casual loss. Aka hurricane. What’s the level it becomes a miscellaneous itemized deduction? |
If house in hurricane. Goes first reduced by 100 dollars then 10% of your AGI. If you have more above that then have a loss. |
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Personal exemptions are subject to phase out provision. It’s 4050 but |
2% for every 2500. For part that exceeds AGI. 313k |
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