But for years 2010 and 2011, the credit of up to $13,360 was fully refundable for
modified adjusted gross incomes up to $185.
In order to receive the maximum deduction, a taxpayer must have
modified adjusted gross income of less than USD65,000 or USD130,000 for joint filers.
However, there is a phase-out of this exclusion once
modified adjusted gross income exceeds a designated amount (in 2010 for single taxpayers the phase-out is between $70,100 and $85,100; for joint tax return filers the phase-out is between $105,100 and $135,100).
A fraction is determined as follows: (a) the numerator is the excess of the taxpayer's
modified adjusted gross income for 2010 over $70,100 (single or head of household) or $105,100 (married filing jointly; (b) the denominator is $15,000 (single or head of household), or $30,000 (joint return).
The credit is reduced by 2% of the taxpayer's
modified adjusted gross income in excess of $75,000 ($150,000 for a joint return).
9) For 2001, the EIC for a tax year could not be more than the excess of (1) the earned percentage of the earned income amount, over (2) the phase-out percentage of so much of the
modified adjusted gross income (or if greater, earned income) of the individual for the tax year as exceeds the phase-out amount.
In addition, individuals with
modified adjusted gross income below certain levels (for 2015, $61,000 if married filing jointly, $45,750 if head of household, $30,500 if single) may be eligible to claim a Saver's Tax Credit for their contributions.
The "non-income" categorization of the distributions also means there is no effect on how much clients receive in Social Security benefits, pay in capital gains or Medicare premiums, all of which are impacted by Adjusted Gross Income or
Modified Adjusted Gross Income, and commonly impacted by other classes of retirement assets.
This tax applies to individuals with
modified adjusted gross income in excess of $200,000 for single return filers and $250,000 for joint filers.
8 percent of the smaller of net investment income or the excess of
modified adjusted gross income (adjusted gross income increased by certain foreign earned income) over $250,000 for a married couple or surviving spouse, $125,000 for a married individual filing a separate return, or $200,000 for anyone else.
8% of the lesser of two amounts: net investment income or the excess of
modified adjusted gross income (AGI) over a threshold amount.
Contribution limits are based on
modified adjusted gross income (gross income after itemized deductions).
