These savings are even more dramatic for seniors with gross incomes of $50,000 +.
5 percent of your adjusted gross income from your medical expenses to figure your allowable medical expense deduction.
In addition, the credit is phased out for taxpayers with modified adjusted gross incomes above $75,000, with full phase-out at $115,000.
LTC proceeds received on account of personal injuries or sickness are generally excludable, subject to a per diem cap; employer contributions to an LTC insurance plan are excludable from an employee's gross income, as are benefits paid by an indemnity-type LTC policy.
Also, the employees did not include any of this compensation in their gross incomes.
Venture Funding argued that the stock was includible, meaning that the employees were required to include it in their gross incomes.
274(n)(2)(B), which allows a 100% deduction for the cost of meals excludible from the recipients' gross incomes under Sec.
Also, this regulation contains the following important rule: the meals' revenues and costs can be disregarded for purposes of the revenue/operating cost test for all meals excludible from the employees' gross incomes under Sec.
Thus, as indicated by the referenced legislative history, even if the fair market value of deferred vacation pay becomes includible in the gross incomes
of employees (for example, by reason of certain types of security arrangements under the rules of section 83, such vacation pay is not deductible by their employer, under the rules of section 404(a)(5) until it is paid to the employees.
On Z's original 1998 Federal income tax return, he included the entire judgment in adjusted gross income
(AGI), including the amounts paid as attorneys' fees.