Numbers Flashcards
(50 cards)
OASDI - Taxation of Benefits
If provisional income + 1/2 SS is
> $25k MAGI (Single) or >$32k MAGI (Married/Joint), 50% of benefits are included.
> $34k MAGI (Single) or $44k (Married/Joint), 85% included
• MAGI includes muni interest!
OASDI - Working After Retirement
If born 1/2/43 - 1/1/55, keep all benefits
If less than NRA & earning
>$15,480, all above 15,480 reduces 50%
>$41,400, all above 41,400 reduces 33%
OASDI - Disability Benefits
Worker entitled to disability benefits if:
• Under 65 y/o
• Disabled 12 mos, expected to be disabled 12 mos, or disability will cause death
• Filed and waited 5 mos.
OASDI - Taking SS before 67
If worker retires before Normal Retirement Age (NRA), benefits are reduced 5/9% of 1% for each of the first 36 months while under NRA
5/9 of 1% = 1/180
Every year after NRA = approx gain of 8%/year
Roth IRA Phaseouts
- Single - 114,000 – 129,000
- MFJ - 181,000 – 191,000
- MFS – 0-10,000
IRA Phaseouts
- Single - 60,000 – 70,000
- MFJ - 96,000-116,000
- MFS - 0-10,000
Coverdale ESA
- Single 95,000 – 110,000
* MFJ 190,000 - 220,000
Itemized Deduction Phase out
3% per ____ up to 80%
• 254,200 - Single
• 279,650 - Head Household
• 305,050 – MFJ
EE Bond Phase Out
• MFJ 113,950 – 143,950
American Opportunity Tax Credit
($2000k + 25% of next 2k for first 4 years of college)
• Single – 90,000
• MFJ – 180,000
• May not be useable if student has felony drug conviction
Lifetime Learning Credit
- Can be used for any type of school
- Single 63,000
- MFJ – 127,000
Student Loan deduction
- Single 60,000 – 75,000
- MFJ 120,000 – 150,000
- MFS
Child Tax Credit
- Single 75,000 - ? - Reduced $50/$1000 above phase-out
* MFJ 110,000 - ?
Adoption Credit
• MFJ (?) 197,880 - 237,880
Series I Bonds
- Single (?) 76,000 – 91,000
* MFJ (?) 113,950 – 143,950
American Opportunity Tax Credit
- Single 80,000 – 90,000
* MFJ 160,000 – 180,000
IRA contribution deduction – Spousal
• 181,000 – 191,000
Historical Rehabilitation
• 200,000 + (?)
Rental Real Estate Loss Phase Out
0.50/1.00 when AGI >100k. Fully phased out @ 150k
Payroll Taxes
- 6.2% FICA (up to 117k)
- 2.45% Medicare
- 0.9% Medicare above ???
AMT Threshold
AGI threshold for personal exemptions / itemized deductions - 2% for each $2500 above
• 254,200 - Single
• 279,650 - Head Household
• 305,050 - MFJ
AMT Tax Rate
• 182,500 - 28%
AMT Trigger
- Head of Household / Single - 117,300
- MFJ 156,500
- MFS 78,250
2-to-6 Year Vesting Schedule
End of Year 1 Not Eligible 2 20% 3 40% 4 60% 5 80% 6 100%
