Two grants available for students Oct 30, 2009
According to the federal Department of Education, monthly payments are now determined by a calculator that computes a number based on 15 percent of the difference between the borrower's Adjusted Gross Income and 150 percent of the Department of Health and Human Services Poverty Guidelines. Under the Income-Based Repayment program, if students are earning below 150 percent of the poverty level they will not have to make any monthly payments toward their loans. (The Maroon, LA)
How Healthcare Will Tax Middle Class, Poor Oct 28, 2009
The bill also would raise the floor at which taxpayers could itemize a deduction for medical expenses to 10 percent of adjusted gross income from 7. 5 percent. (Newsmax)
Escape from NY: Greater numbers leave NY than any other state Oct 28, 2009
2 billion of adjusted gross income. Other states attracting the most New Yorkers were Connecticut, North Carolina and Pennsylvania. (Albany Business Review, NY)
Report details where NY'ers are headed Oct 28, 2009
Using information on tax returns for 2006-07, the study found that for the 7,361 residents who left Erie County, their adjusted gross income (AGI) was $49,606. Meanwhile, the 4,371 people who settled in Erie County in the same period had an AGI of $46,518, a difference of $3,089. (Buffalo Business First, NY)
Health care issues: Penalties for no insurance Oct 28, 2009
5 percent of their modified adjusted gross income, up to the cost of the average national premium for basic coverage. The IRS would collect the fines through tax returns. (Atlanta Journal-Constitution -- World)
MORE HELP: Tax credit helps parents, too Oct 27, 2009
The full credit is available for single taxpayers with modified adjusted gross income (MAGI) of $80,000 or less and married taxpayers with MAGI of $160,000 or less. Married couples with MAGI of up to $180,000 and single taxpayers with MAGI of up to $90,000 will be eligible for a partial credit. (USA Today -- Money)
California's rich keep on giving Oct 24, 2009
Under U.S. tax law, individuals can write off up to 30% of their adjusted gross income for cash gifts and up to 20% for gifts of securities, he said. "The question becomes: 'How much of my wealth am I going to pass on to my children, how much do I give to government and how much am I going to give to charity?' " said Mellinger, who is based in Fairfield, Conn. (Yahoo News -- Philanthropy and Volunteerism)
Tax deductions still in play for new vehicle purchases Oct 24, 2009
According to the agency, the deduction is reduced for joint filers with modified adjusted gross income between $250,000 and $260,000 and other taxpayers with modified adjusted gross income between $125,000 and $135,000. The IRS release offered the following tips for taxpayers interested in taking advantage of the tax deduction. (Daytona Beach News Journal -- Local)
Poll shows Illinoisans want big budget cuts but oppose trimming in many areas Oct 22, 2009
NeoCon Academician wrote on Oct 21, 2009 6:31 PM:" #1Of those states which impose an income tax, the lowest maximum rate is that of Illinois-----------------And now the rest of the story...In 2009, Illinois taxpayers had to work until April 13 to pay their total tax bill, ranking the state 15th nationally. Illinois' Tax Freedom Day falls on the same day as national Tax Freedom Day. The Tax Freedom Days of neighboring states are: Wisconsin, April 13 (ranked 12th nationally); Iowa, April 4 (ranked... (Mattoon Journal-Gazette, IL)
For 12 million on Medicare, premium set to jump 15% next year Oct 20, 2009
60 a month, or more than $4,200 a year, for Medicare beneficiaries who file tax returns with adjusted gross income greater than $214,000 for an individual or $428,000 for a couple. The higher premiums will impose an additional and significant burden on states, which help pay Medicaid costs, along with the federal government. (Boston Globe)
ELIGIO NAVA: State tax code needs to be fixed Oct 17, 2009
8% of the adjusted gross income. When the economy tanks, so do these revenues. (Fresno Bee -- Opinion)
Time’s up. The absolute deadline for filing your 2008 tax return is here Oct 14, 2009
5 percent of your adjusted gross income on medical care, that s deductible. Charitable deductions. (Boston Globe)
Obama Moms Back to School Grant Oct 13, 2009
The American Tax Opportunity Credit allows a taxpayer with a modified adjusted gross income of less than $80,000 to claim expenses for all four years of college. Expenses include: tuition, course materials and other applicable fees. (Suite101.com)
No way around law to tap TSP fund Oct 13, 2009
Or you could transfer the TSP directly to a Roth IRA, if you meet certain IRS qualifications, including an adjusted gross income below $100,000. (Next year, the law is scheduled to change and anyone can do a Roth conversion, regardless of income. (Fresno Bee -- Business)
Some tips for playing catch-up with a Roth individual retirement account Oct 13, 2009
To convert this year, your modified adjusted gross income, not counting the converted amount, cannot exceed $100,000. For 2010 and later, anybody can convert, regardless of income. (Boston Globe)
Accountants: What's their problem? Oct 13, 2009
Individuals who have adjusted gross income of less than $500,000, own a small business and need to make quarterly estimated income tax payments. What if the 90 percent estimate is wrong. (Pittsburgh Business Times, PA)
Dairy Prices to Trigger MILC Payments (2) Oct 11, 2009
The 2008 Farm Bill also excludes producers whose non-farm average adjusted gross income (AGI) exceeds 500,000 from receiving MILC payments. Producers will have to sign an AGI statement when signing up for the program. (Agri-View, WI)
9 small money steps that pay off big Oct 10, 2009
If you have modified adjusted gross income (AGI) below $105,000 this year ($166,000 for married couples filing a joint return), you can invest the maximum $5,000 in an IRA (or $6,000 if you are 50 or older). Above those income limits, you can make smaller contributions; you lose eligibility if you have a modified AGI of $120,000 or more, or are part of a married couple with a modified AGI of $176,000 or above. (CNN)
Final deadline looms for tardy tax filers Oct 10, 2009
5 percent of your adjusted gross income on medical care, that's deductible. The costs didn't have to come all at once, just add up to that threshold. (MSNBC -- Business)
Realtors and builders lobby to keep homebuyer tax credit alive Oct 8, 2009
To get the full credit, married couples filing a joint return must have adjusted gross income of $150,000 or less; for other taxpayers, the full credit is available on incomes of $75,000 or less. The credit is reduced or eliminated for those with higher incomes. (Albany Business Review, NY)
Bill offers tax relief for academic materials Oct 5, 2009
According to the Internal Revenue Service (IRS) website, students or families whose modified adjusted gross income is under $80,000, or jointly $160,000, qualify for the full credit. Those with gross incomes of $90,000, or jointly $180,000, can receive a partial credit. (Northeastern News, MA)
BUSINESS WATCH: Taxes pave the road out Oct 5, 2009
"The number of tax returns is a good proxy for the number of households," the report notes, while "the number of exemptions is a good proxy for the number of people in the household, and reported adjusted gross income is a good proxy for household income.". The study found the combined adjusted gross income for those leaving the state between 1995-2006 was $5 billion, costing Connecticut an estimated $566. (Republican-American)
Blackford not on list to raise county tax rate Oct 4, 2009
County Adjusted Gross Income Tax (CAGIT) rate is 0. 01 ( or 1 percent) for in-county workers. (Hartford City News-Times, IN)
Your Money: Use Charitable Remainder Unit Trust for tax issues (2) Oct 4, 2009
Donors using a public charity can deduct donations up to 50 percent of their Adjusted Gross Income (AGI) for income tax purposes while donors to a private foundation can only deduct up to 30 percent of their AGI. You are allowed to carry forward the deduction for up to five years ... You can take this portion and use it as a tax deduction on all of your income again subject to the up to 50 percent of Adjusted Gross Income rule. (Sioux Falls Tri-State Neighbor, SD)
Health care reform may hit House, Senate floor by mid-month Oct 2, 2009
5 percent of their adjusted gross income. Baucus' legislation would raise the threshold to 10 percent, but on a vote of 14-9, Nelson succeeded in returning it to 7. (The Pantagraph newspaper)
Senate leaders facing crunch on health plans Oct 2, 2009
Under an amendment brought by Schumer and Snowe, out of concern about affordability for middle-class families, people would not be penalized for being uninsured if the cheapest available plan were more than 8 percent of their adjusted gross income, rather than the 10 percent in the original proposal. It would also ease the penalties for being uninsured and phase them in gradually over five years. (Boston Globe)
Seniors exempted from new healthcare taxes Oct 1, 2009
5 percent of their adjusted gross income in a year ... 5 percent of their adjusted gross income in a year. (TheHill.com)
Health Reform's Public Option: Down, but Not Yet Out? Oct 1, 2009
Affordability is defined as premiums costing no more than 13% of adjusted gross income for those earning more than 300% of the federal poverty line (or around $66,000 for a family of four); for those earning less, the out-of-pocket maximum ranges down to 3% of income. Much to the dismay of liberal critics and some health-policy experts, this so-called trigger plan would be offered state by state rather than on a nationwide basis. (Time.com)
Families must learn to cope with respite care cuts Sep 26, 2009
Brown said that reimbursement rates vary on a sliding scale of adjusted gross income, but the program is designed to primarily assist low income families ... The program is set up on an adjusted gross income sliding scale, where families chip in what they can afford. (Gaylord Herald Times, MI)
First-time homebuyer credit provide tax benefits to 1.4 million families Sep 26, 2009
The credit is phased out based on the taxpayer s modified adjusted gross income (MAGI). MAGI is adjusted gross income plus various amounts excluded from income for example, certain foreign income. (Lake City Reporter, FL)
Don't Forget Main Street: If You Have An IRA, Now More Than Ever, It Is Time to Invest in Real Estate Sep 23, 2009
Galane: The conversion process is extremely simple and now is a fantastic time to convert if your modified adjusted gross income in either single or family is $100,000 or less ... Galane: If you had an IRA for say $500,000, as long as your modified adjusted gross income is a hundred or less, you can convert the entire IRA to a Roth. (RealtyTimes)
Obama Touts Innovation As Key to Economy Sep 22, 2009
TROY, N.Y., Sept. 21, 2009. President Promotes His Plans for Recovery at Upstate New York Community College. (CBS News)
Time running out Sep 21, 2009
There are also income limits; only buyers with adjusted gross income of $75,000 ($150,000 for married couples) or less are eligible for the full credit. One other point to consider. (MSNBC -- Business)
Jobless? It may be time to convert to Roth IRA Sep 20, 2009
In 2009, you can only convert to a Roth IRA if your modified adjusted gross income is $100,000 or less. (In 2010, this income limitation goes away, but that's a story for another day. (San Francisco Chronicle -- Business)
Will the $8,000 First-Time Home Buyer Tax Credit Be Extended? Sep 20, 2009
Only buyers of principal residences who make purchases before December 1 and have an adjusted gross income of $75,000 or less (or $150,000 for married couples) are eligible for the full credit. "The thinking about this tax credit is that it helps to support sales when the job market is still a mess," says Mark Zandi, the chief economist of Moody's. (Yahoo News -- Top Stories)
DETAILS: Baucus aims for center, but plan called off-target Sep 17, 2009
5% of their adjusted gross income up to the cost of the average national premium, or roughly $4,800 for an individual. A family of four earning less than $29,326 would become eligible for Medicaid. (USA Today)
HEALTH NOTES / Our health and healthcare reform Sep 13, 2009
Also to place a surtax on individual modified adjusted gross income exceeding $350,000. Amendments to the Social Security Code propose to reduce payments to hospitals to account for excess readmissions; limit cost-sharing for Medicare Advantage beneficiaries; reduce the coverage gap under Medicare Voluntary Prescription Drug Benefit Program and provide increased payment for primary health care services. (Cohasset Mariner, MA)
Industry Leader Praises Health Reform Bill that Provides 50% Tax Deduction for Long-Term Care Premiums Sep 11, 2009
5 % adjusted gross income limitation applicable to other medical or dental expenses; and it allows individual taxpayers to claim the tax deduction regardless of whether they itemize other deductions. "Conservatives and liberals alike can agree on the simplicity and effectiveness of tax deductions," says Roeser. (PR Newswire)
Home Mortgage Interest Deduction Sep 11, 2009
The Internal Revenue Service allows taxpayers to deduct mortgage interest from adjusted gross income (AGI) on Schedule A. The deduction is limited by the actual amount paid and AGI. ... If Adjusted Gross Income was $56,450, a taxpayer taking the standard deduction would have Taxable Income of $51,000. (Suite101.com)
Local aquaculture companies may qualify for federal stimulus money Sep 11, 2009
Requirements to qualify include but aren't limited to an average annual adjusted gross income under $2. 5 million from 2005 to 2007, and feed costs last year that exceeded 25 percent of total operational costs. (Honolulu Advertiser)
Real Estate Answers: First-time homebuyer tax credit offers savings (674) Sep 7, 2009
The full credit is available for single individuals whose adjusted gross income is less than $75,000. If your adjusted gross income is greater than $75,000 and your home purchase qualifies you for the full credit, the credit phases out according to the dollar amount (or percentage if less than $8,000) ... For married couples filing jointly, the credit begins to phase out at an adjusted gross income of $150,000. (Lihue Garden Island, HA)
Rolling up sleeves for health-care reform Sep 6, 2009
5 percent of adjusted gross income above a certain level. Consumers who can demonstrate financial hardship would not be penalized. (News & Observer)
Key health-care proposals Sep 6, 2009
5 percent of modified adjusted gross income up to the cost of the average national premium. Exceptions would be granted for financial hardships, dependents and religious objections. (AZCentral -- News)
When Renting Out Your Home Makes Sense Sep 4, 2009
This juicy tax break is available as long as your adjusted gross income is $100,000 per year or less (this applies to single filers as well as marrieds). For those with income above $100,000 this tax break begins to be phased out and is phased out completely above $150,000. (CBS News -- Early Show)
Rell to allow budget to become law Sep 2, 2009
on September 1, 2009 5:42 PM. Governor M. Jodi Rell leaves the assembled media after a brief press conference she called on the steps of the Capitol Tuesday. (FOX61, CT)
Obama’s soak-the-rich mentality Sep 2, 2009
8 percent of adjusted gross income but pay 40. 4 percent of all federal income taxes. (Boston Globe)
What an IRA conversion will mean to the account holder - now and later Sep 1, 2009
For 2009, you can convert unless your modified adjusted gross income is more than $100,000 or you are married and file separate tax returns. Beginning in 2010, anybody with a traditional IRA can convert. (Boston Globe)
Going gluten-free comes with hefty costs Aug 31, 2009
5 percent of their adjusted gross income, they can deduct the difference in cost of gluten-free products over comparable conventional foods. For Kristi Simmerman the costs aren't as much of a hassle as just finding gluten-free foods used to be when Nicole was first diagnosed 8 years ago. (Waterloo-Cedar Falls Courier)
Price: Use Tax Cuts to Reform Healthcare Aug 29, 2009
Individual health insurance premiums would become tax deductible and would be capped at the national average value of employer contributions for health insurance, and they would count toward reducing adjusted gross income at tax time. The proposal would include refundable health insurance tax credits of up to $2,000 annually for individuals, $4,000 for couples, as well as a $500 credit per dependent up to a maximum of two. (Newsmax)
OUR VIEW: Johnson doesn't avoid voters on health care issue Aug 29, 2009
Section 431(a) of the bill says that the IRS must divulge taxpayer identity information, including the filing status, the modified adjusted gross income, the number of dependents, and "other information as is prescribed by" regulation. That information will be provided to the new Health Choices Commissioner and state health programs and used to determine who qualifies for "affordability credits.". (Mattoon Journal-Gazette, IL)
State taxes going up because of deflation Aug 28, 2009
A single person with no dependents and $51,000 in adjusted gross income would pay an extra $41 ... California adjusted gross income. (San Francisco Chronicle)
Sen. Kay Bailey Hutchison leads Gov. Rick Perry in personal income Aug 27, 2009
Last year the Hutchisons reported adjusted gross income of $761,104 and paid federal taxes of $200,975. They also reported about about $74,000 in income from dividends, $49,000 in pension and Social Security income and some $40,600 in earnings from rent, royalties and business earnings in 2008. (KHOU.com, TX)
2 reasons to buy a home now: Rates low, tax credit ends soon Aug 26, 2009
The credit phases out for taxpayers whose adjusted gross income exceeds $75,000, or $150,000 for married couples. The term "first-time home buyer" is a bit of a misnomer. (AZCentral -- Business)
Stock questions? Ask Matt Aug 26, 2009
In most cases, you may contribute to a Roth if your modified adjusted gross income is less than $169,000 if married and filing jointly and $116,000 if you're single ... Here's the hitch: Now, traditional IRAs can only be converted to Roth IRAs if the taxpayer's adjusted gross income is less than $100,000, says the PricewaterhouseCoopers' "2009 Guide To Tax and Financial Planning." That $100,000 limit applies whether you are single or married. (USA Today -- Money)
First-Time Home Buyer's Tax Credit Ends Soon Aug 26, 2009
The credit phases out for taxpayers whose adjusted gross income exceeds $75,000, or $150,000 for married couples. 1. (ABC News -- Business)
More of this story Aug 25, 2009
Small business is the backbone of our economy, he said, adding that small business will pay 818 billion under the plan, and anyone with an adjusted gross income of 280,000 will pay a 2. 5 percent tax. (Bartlesville Examiner-Enterprise, OK)
Is a Roth IRA Right for You? Aug 25, 2009
But the rules have only allowed people with modified adjusted gross income no greater than $100,000 those less likely to have big IRAs to convert a traditional IRA to a Roth. Come 2010, however, the option opens up to everyone. (BusinessWeek)
New car buyers qualify for tax cut on 2009 Aug 22, 2009
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. The good news: You would be able to get a break even if you do not itemize deductions on Schedule A.. (AZCentral -- Business)
Perry Presses Hutchison For Returns Aug 20, 2009
As the Perry campaign urged Hutchison to release financial records, his state office provided the governor's 2008 tax return, showing Perry and his wife, Anita, reported an adjusted gross income of $277,667 last year while paying $62,348 in taxes. Perry already released his 2007 return to The Associated Press last week. (Click2Houston, TX)
Gov. Rick Perry presses rival on tax returns Aug 19, 2009
As the Perry campaign urged Hutchison to release financial records, his state office provided the governor s 2008 tax return, showing Perry and his wife, Anita, reported an adjusted gross income of $277,667 last year while paying $62,348 in taxes. Perry already released his 2007 return to The Associated Press last week. (KHOU.com, TX)
Why the Public Option Isn't Dispensable Aug 18, 2009
Under health care reform's "individual mandate," every American will have to purchase health insurance or pay a substantial tax penalty (under the House bill, a on modified adjusted gross income). Under its "employer mandate," all but the smallest businesses will have to offer employees health insurance or pay a substantial tax penalty (under the House bill, 8 percent of payroll). (Slate)
Health reform: Is Obamas move to co-ops a good one? Aug 18, 2009
5 percent of the difference between their adjusted gross income (modified to include tax-exempt interest and certain other sources of income) and the tax filing threshold. obama. (Atlanta Journal-Constitution -- Business)
At the Trail (4) Aug 16, 2009
They include up to 50 percent deduction from Adjusted Gross Income for up to 15 years or 100 percent for individuals and companies that derive the majority of their income from farming or ranching. Although not required, registration is recommended at 830-249-4616. (Boerne Star, TX)
Economist: Surtax on Wealthy Won't Fund Obamacare Aug 15, 2009
com - Economist: Surtax on Wealthy Wonund Obamacare. Friday, August 14, 2009. (Newsmax)
Don't claim tax credit if you don't qualify Aug 12, 2009
-- You make too much money - in excess of $95,000 of modified adjusted gross income for singles, $170,000 or more for married joint filers. What are the downsides if you claim the credit erroneously and do not intentionally defraud the government. (San Francisco Chronicle -- Business)
