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Did any part of the phase out of the standard and itemized deductions pass?

I know Obama has stated he will cause the income based phase out to happen but I'm unsure if it is already a part of the ObamaTax 2013?

Update:

Well yes, I would be affected at some level; and yes I will be discussing with my adviser as to how to avoid impact, but since the bill is not written yet, I was simply trying to find out if what I believe to be true was documented anywhere. Sorry if I offended anyone by asking.

4 Answers

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  • 8 years ago
    Favorite Answer

    The phaseout of personal exemptions and itemized deductions is back for taxpayers whose adjusted gross income is over $250,000 (single) or $300,000 (married filing jointly). The full text of the bill is available from the Senate Finance Committee link below.

  • Judy
    Lv 7
    8 years ago

    Congress sets the new rules, Obama just has to sign it. It's not ObamaTax 2013.

    But part of yesterday's bill is

    Permanently repeal the Personal Exemption Phaseout for certain taxpayers. Personal exemptions allow a certain amount per person to be exempt from tax. Due to the Personal Exemption Phase-out (“PEP”), the exemptions are phased out for taxpayers with AGI above a certain level. The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) repealed PEP for 2010. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (TRUIRJCA) extended the repeal through 2012. The bill extends the repeal of PEP on income at or below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for taxable years beginning after December 31, 2012.

    The combined cost of this provision and the one described below is estimated to be $10.514 billion over ten years.3

  • 8 years ago

    Phaseout of itemized deductions and personal exemptions

    The personal exemptions and itemized deductions phaseout is reinstated at a higher threshold of $250,000 for single taxpayers, $275,000 for heads of household, and $300,000 for married taxpayers filing jointly.

  • tro
    Lv 7
    8 years ago

    not sure as yet

    but it would only apply if you were a high income earner

    if that is so you would not be here asking this forum, you would have your own personal advisor

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