What are partial deductions and how do you use them filing taxes?
2007-12-30 09:52:48 · 3 answers · asked by D. Nelson Altamirano 2 in Business & Finance ➔ Taxes ➔ United States
A partial deduction is one that is limited to a portion of your AGI. Medical deductions subject to a 7.5% AGI are an example, as are charitable donations which are generally subject to a 50% AGI ceiling.
2007-12-30 10:17:36 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Another partial deduction is one that is subject to a phaseout.
For example, the Child tax credit is generally $1000 per child. If you income is above $110K and you file married filing jointly, the phase out kicks in and the more you make the smaller the credit is. (It's a sneaky way to raise your tax rate without touching the official tax brackets.)
2007-12-30 11:37:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2007-12-30 09:55:59 · answer #3 · answered by Unoptrid1aq 4 · 0⤊ 1⤋