More important, the phase-out threshold is increased to $400,000 for married filing jointly
taxpayers and $200,000 for all other taxpayers.
Coverdell Educational Savings Accounts Annual Contribution Limit $2,000 Contribution phase-out based on modified AGI Married Filing Jointly
$190,000-220,000 All Others 95,000-110,000 2016 Student Loan Interest Deduction Maximum interest deduction $2,500 Deduction phase-out based on modified AGI Married Filing Jointly
$135,000-165,000 All Others 65,000-80,000 American Opportunity Tax Credit Maximum Credit $2,500 Credit phase-out based on modifed AGI Married Filing Jointly
$160,000-180,000 All Others 80,000-90,000 Lifetime Learning Credit Maximum Credit $2,000 Credit phase-out based on modifed AGI Married Filing Jointly
$111,000-132,000 All Others 56,000-66,000
Taxpayers Filing Jointly for Connecticut Only: Taxpayers filing jointly for Connecticut only must recalculate their federal adjusted gross income as if, for federal tax purposes, they were allowed and elected to file as married filing jointly
2) Married filing jointly
couples also enter the 35% income tax rate bracket at $372,950 for 2009 ($357,700 for 2008), not double the amount as you would expect.
The effect on the married filing jointly
income tax returns for the 2000 tax year (stratifying the results into five classes by adjusted gross income) was determined and, subject to various assumptions, it was estimated that MPTs would increase by at least $3.
Normally, taxpayers are able to exclude capital gain on the sale of a home up to $250,000, if filing single, or $500,000, if married filing jointly
, but because the taxpayer in this example did not live in the home for two of the last five years, the taxpayer had nonqualified time.
Married Filing Separately has the highest tax rate, followed by Single, then Head of Household, and Married Filing Jointly
The credit phases out at the rate of $50 for every $1,000 (or fraction thereof) that modified adjusted gross income exceeds $110,000 for married filing jointly
, and $75,000 for single and head-of-household.
Married couples filing their tax returns jointly have fared the worst of three groups: single, head of household and married filing jointly
You can deduct at least part of your individual retirement account contribution if your adjusted gross income is less than $35,000 for singles and heads of households and $50,000 for married filing jointly
Property Taxes: This is not new for 2009, but don't forget that if you're married filing jointly
, you can still write off $1,000 of your property taxes without itemizing for 2009 (singles can write off $500).
Moss for 2008 based on the return he had filed, changing his filing status from married filing jointly
to married filing separately.