Sounds like in the near future all Jews will be legally divorced living in the same home....
I would argue that it would be better for everyone, regardless of family size. For how many years do you think you will be able to claim all 7 dependents? The higher standard deduction can always be claimed.
Someone pointed out to me last year, that there is no tax benefit in claiming dependents beyond a certain number.
Start a thread in goods for sale.
Someone pointed out to me last year, that there is no tax benefit in claiming dependents beyond a certain number. (Some people even give away some children to their parents to parents to claim as dependents so at least someone can benefit). I personally stopped claiming 3 of my children (though no-one else is claiming them ).
There's a limit to the number of exemptions? News to me.
Maybe he means AMT?
Maybe he's pha$ed out..
Not familiar enough to understand
There is a phase out for personal exemptions. Around 300k plus agi for mfj iirc
This is besides AMT?
For married taxpayers filing jointly, personal exemptions begin to be phased out at $311,300 and are fully phased out by $433,800.
Yes
Then AMT comes earlier. I don't make that but have gotten hit with AMT