On their joint 1994 itemized return, the Klaassens reported adjusted gross income
of $83,056; claimed 12 personal and dependency (10 children) exemptions; and deducted $4,767 in medical and dental expenses and $3,264 in state and local taxes.
The Clintons donated $609,300 to charity, primarily from Hillary Clinton's book proceeds, but claimed only $532,551 in charitable deductions, or half their adjusted gross income
, which is the legal limit.
Estimates for earlier years are in "Relationship Between Personal Income and Adjusted Gross Income
: Revised Estimates, 1947-83," SURVEY OF CURRENT BUSINESS 66 (May 1986): 34-40, "Relationship Between Personal Income and Adjusted Gross Income
Reconciliation of Personal Income and Adjusted Gross Income
, by Type of Income, 1983
Any remaining losses continue to be treated as passive losses and are eligible for the special $25,000 rental realty allowance (if the taxpayer's adjusted gross income
is not too high).
The maximum deductible IRA contribution for an individual who is not an active participant, but whose spouse is, will now be phased out at adjusted gross income
(AGI) between $150,000 and $160,000.
216 real estate taxes should not be reclassified as a miscellaneous itemized deduction subject to the 2% adjusted gross income
(AGI) limit that is an addback for AMT purposes, as Sec.
In addition, the reduction in adjusted gross income
from the retroactive exclusion may allow some taxpayers to treat previously nondeductible 1995 IRA contributions as deductible.
It's available to single filers who have an adjusted gross income
(AGI) of $25,000 or less; head of household, $37,500 or less; or married filing jointly, $50,000 or less.
The newest report from the Individual Statistics Branch, Statistics of Income--Individual Income Tax Returns, 2002, Publication 1304, contains data on sources of income, adjusted gross income
, exemptions, deductions, taxable income, income tax, modified income tax, tax credits, self-employment tax, and tax payments.
Every phaseout should be based on adjusted gross income
This "double-dip" also could lower your adjusted gross income
to where you may be eligible for other tax credits e.