Things I Suck at On REG

Ordinary Business Income - Ordinary Business Deductions (Does NOT included interest, dividends, or cap gains/losses)

What is included in Qualified Business Income

Under 25k for single (32k for MFJ) = 0% taxable, between 25-34k for single, (32k-44k for MFJ) = 50% taxable, over 32k for single (44k MFJ) = 85% taxable

What are the brackets for determining the taxability of Social Security Benefits

below 79k for single (126k MFJ)

You are eligible to make a deductible contribution to a traditional IRA and claim a retirement savings contributions credit if your AGI is…

Cash = 60%, Ord Income Prop = 50%, LTCG = 30%

Limitations for Charitable Contributions. (The different Categories)

15000

AGI to get max credit for Child and Dependent Care Credit

Expesnes (up to 3k if one dependent and 6k if two or more) x Percentage

How do you calculate the Child and Dependent Care Credit

Credit decreases by 1% for every 2000 over 150000

How does the phaseout work for the Child and Dependent Care Credit

single = 79-89k, MFJ = 126k-146k.

phase out numbers for people in employer sponsored retirement plan (AGI)

MFJ = 236k-246k

phase out numbers for people in employer-sponsored retirement plan (AGI) Only married

247300 for Single, 494600 for MFJ

QBI Face out numbers

true

true or false: if you’re NOT an sstb and you are over the limit for qbi deduction you still may potentially get a deduction