Posts tagged ‘AMT’

October 20, 2008

What the $700 billion bailout does for taxpayers

by thoughtfulconservative

A summary follows. More in depth explanation can be found at

  • A quick fix for the AMT to keep many middle-class taxpayers out of the reach of the alternative minimum tax in 2008.
  • Mortgage debt forgiveness, normally taxable income, won’t be. For awhile.
  • A break on education for some people.
  • The sales tax deduction, which expired last year, returns.
  • Homeowners who do not itemize can deduct up to $500 ($1,000 for joint filers) of property taxes in addition to the standard deduction.
  • If you’re 70.5 years or older you can withdraw up to $100,000 from an IRA and donate it to charity, tax-free.
  • In 2009 (they skipped over 2008, says Luscombe) you can qualify for a credit of up to $500 for qualified improvements to make your home more energy efficient.
  • If you were affected by Hurricane Ike or this year’s floods or tornadoes in the Midwest, you may qualify fortax benefits.

Get every new post delivered to your Inbox.

Join 4,666 other followers