Individual usually doesn't have much deductions to take any way. if you own a prop, then there's mortgage int, prop tax, etc. eduction credit comes in 2 types--American Opportunity (used to call Hope credit) vs Lifetime Learning. Hope deduction is larger but more restrictive . see link here http://www.irs.gov/newsroom/article/0,,id=211309,00.html Lifetime is broader--even apply to adults. usually 20% of first $10k qualified expense. http://www.irs.gov/publications/p970/ch03.html#en_US_2011_publi
Individual usually doesn't have much deductions to take any way. if you own a prop, then there's mortgage int, prop tax, etc. eduction credit comes in 2 types--American Opportunity (used to call Hope credit) vs Lifetime Learning. Hope deduction is larger but more restrictive . see link here http://www.irs.gov/newsroom/article/0,,id=211309,00.html Lifetime is broader--even apply to adults. usually 20% of first $10k qualified expense. http://www.irs.gov/publications/p970/ch03.html#en_US_2011_publi
Thanks very much! since the AGI is over 180k, education expenses are not deductable any more. Not sure why such a big jump of tax rate.
restrictive
【在 h****3 的大作中提到】 : Individual usually doesn't have much deductions to take any way. : if you own a prop, then there's mortgage int, prop tax, etc. : eduction credit comes in 2 types--American Opportunity (used to call Hope : credit) vs Lifetime Learning. Hope deduction is larger but more restrictive : . see link here : http://www.irs.gov/newsroom/article/0,,id=211309,00.html : Lifetime is broader--even apply to adults. usually 20% of first $10k : qualified expense. : http://www.irs.gov/publications/p970/ch03.html#en_US_2011_publi
Come on, you pay only 3.6W tax on a 21W AGI. It means you've got a high deduction, yet without hitting AMT. All education benefits have income limit, by the way.
【在 l********d 的大作中提到】 : Come on, you pay only 3.6W tax on a 21W AGI. It means you've got a high : deduction, yet without hitting AMT. : All education benefits have income limit, by the way.
yes, I have pretty high deduction, donnation only is about 10k, plus moving, etc.
【在 l********d 的大作中提到】 : Come on, you pay only 3.6W tax on a 21W AGI. It means you've got a high : deduction, yet without hitting AMT. : All education benefits have income limit, by the way.
Thanks, yesme; if it hits AMT, I believe Turbo Tax would tell and calculate it automatically, not sure, but I should definitely take your suggestion and have CPA check it for me. I just want to do it right.
【在 d******i 的大作中提到】 : Thanks, yesme; : if it hits AMT, I believe Turbo Tax would tell and calculate it : automatically, not sure, but I should definitely take your suggestion and : have CPA check it for me. : I just want to do it right.