Hope and Lifetime Learning Credits start to phase out for single or head-of-household filers when their adjusted gross income hits $45,000 and is eliminated entirely for those filers when AGI exceeds $55,000.
The deduction for student loan interest starts to phase out for single or HOH filers with adjusted gross income of $50,000, and is completely eliminated for those with AGI exceeding $65,000.
The child tax credit is lost when HOH income reaches $75,000.
Itemized deductions start to phase out at $150,500 for singles, HOH and married filing jointly
Personal exemptions phase out at incomes of $188,150 to $310,650 for HOH.
HOH = head of household. Watch this if you are a divorcing couple!
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.