Question
Julia?, a single? taxpayer, has adjusted gross income of $50,000?, medical expenses of $15,000?, home mortgage interest of $4,250?, property taxes of $2,700?, and miscellaneous
Julia?, a single? taxpayer, has adjusted gross income of $50,000?, medical expenses of $15,000?, home mortgage interest of $4,250?, property taxes of $2,700?, and miscellaneous itemized deductions of $3,300.
STANDARD DEDUCTION |
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Filing Status |
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Married individuals filing joint returns and surviving spouses | $12,200 | ||
Heads of households | 8,950 | ||
Unmarried individuals (other than surviving spouses and heads of households) | 6,100 | ||
Married individuals filing separate returns | 6,100 | ||
Additional standard deduction for the aged and the blind | |||
Individual who is married and surviving spouses | 1,200 | * | |
Individual who is unmarried and not a surviving spouse | 1,500 | * | |
Taxpayer claimed as dependent on another taxpayers return: Greater of (1) earned income plus $350 or (2) $1,000. |
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* These amounts are $2,400 and $3,000, respectively, for a taxpayer who is both aged and blind. |
PERSONAL AND DEPENDENCY EXEMPTION AND PHASE-OUTS | ||
Personal and dependency exemption | 3,900 | |
Phase-outs for high income taxpayers: |
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Personal and dependency exemptions are reduced by 2% for each $2,500 increment (or part of increment) |
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for AGI above the threshold amount. |
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Itemized deductions are reduced by 3% for each dollar of AGI above the threshold amounts (taxpayers cannot | ||
lose more than 80% of their allowable itemized deductions). |
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For both provisions, the AGI threshold amounts are: |
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Married individuals filing joint returns and surviving spouses | $300,000 | |
| Heads of households | 275,000 |
Unmarried individuals (other than surviving spouses and heads of households) | 250,000 | |
| Married individuals filing separate returns | 150,000 |
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