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The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and ...
Plus, your charitable giving can benefit you if you take a charitable contribution deduction. However, you must itemize tax deductions — and make contributions to qualifying organizations — if ...
You made a $2,000 deductible contribution to your IRA, paid $3,000 in student loan interest and had $5,000 in HSA contributions. In this case, your AGI would be $60,000 less $10,000 ($2,000 ...
A contribution to a charitable organization need not be fully a "gift" in the statutory sense of the word to be deductible to the donor. The donor's allowable deduction will be reduced, however, by the amount of the "substantial benefit" conferred upon them as a result of their contribution. [1]
It can be paid in advance directly to a healthcare insurance company to offset the cost of monthly health insurance premiums. For the 2015 tax year 1.6 million taxpayers overestimated the amount they were supposed to receive for the advance tax premium. The average amount owing was $800.
As we slide into December, many of us who bypassed the much-hyped Giving Tuesday, me included, are focusing on making charitable contributions by year-end to reduce taxes or simply revel in that ...
The Community Living Assistance Services and Supports Act (or CLASS Act) was a U.S. federal law, enacted as Title VIII of the Patient Protection and Affordable Care Act. The CLASS Act would have created a voluntary and public long-term care insurance option for employees, [ 1 ] [ 2 ] [ 3 ] but in October 2011 the Obama administration announced ...
MAGI is used to assess eligibility for specific tax credits, deductions, and subsidies, such as the Premium Tax Credit for health insurance, Roth IRA contributions, and education tax credits ...