![]() If it's below a certain threshold, you won't have to pay AMT, but if it's above that threshold, you might. Finally, your liability for the alternative minimum tax is based on your AGI. ![]() For example, a single person with a $200,000 AGI in the 2013 tax year would have $50,000 in income over the threshold and would have to reduce his deduction by $1,500, which is 3 percent of $50,000. As reinstated in the early 2013 "fiscal cliff" bill, the Pease Limitation requires high income taxpayers to reduce their itemized deductions by an amount equal to 3 percent of the amount of their AGI that exceeds the threshold. If your AGI is high enough, your itemized deductions may be limited. When mailing multiple tax years use a separate envelope for each year. Prior year tax returns can only be printed and mailed, they cannot be e-filed. Go to this TurboTax website to purchase a download for each tax year you need to complete. First, as of the date of publication, if you itemize deductions, you can only deduct miscellaneous deductions that exceed 2 percent of your AGI and medical expenses that exceed 10 percent of your AGI. Yes you can use TurboTax to complete prior year tax returns, 2014 thru 2016. To correct your 2020 AGI in TurboTax, open your return and then: Select the File tab and continue until you reach the screen that says To continue, select options below. Calculating your gross income is an intermediary step toward calculating your taxable income, but your AGI has a broader effect on your overall tax liability.
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