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Posted by garagecapital on March 10, 2008, 11:55 pm
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At what AGI level, do these deductions start to phase out or become
meaningless?
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Posted by joetaxpayer on March 11, 2008, 1:00 am
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garagecapital wrote:
> At what AGI level, do these deductions start to phase out or become
> meaningless?
For a couple filing joint in 2007, deductions are excluded by 3% of the
excess over $156,400.
So, from an example of this at
http://www.finance.cch.com/text/c60s10d702.asp
AGI $339,450
Less: threshold amount -156,400
Excess over threshold: $183,050
Multiplier x .03
Reduction required $ 5,491.50
Unreduced deductions $ 23,700
Less: reduction required - 5,491.50
Deductions that may be claimed: $ 18,208.50
To be clear, a couple making $339K (uh, that's pretty high, as in top
1%) loses $5492 of their deductions.
I suppose it can only become meaningless if their donations are so small
the 3% wipes it out, but then, it was pretty meaningless in the first
place, no?
Joe
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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