TAX ACCOUNTING QUESTION
In 2016, Dominique and Felix are married and file a joint Federal income tax return. Their AGI is $314,050, and they claim three dependency exemptions. The personal exemption amount for 2016 is $4,050 and the phase out threshold for married filing a joint tax return is $311,300.
Their allowable exemption amount for 2016 is
In 2016, Dominique and Felix are married and file a joint Federal income tax return. Their AGI is $317,000, and they claim 5 dependency exemptions. The personal exemption amount for 2016 is $4,050 and the phase out threshold for married filing a joint tax return is $311,300.
Their allowable exemption amount for 2016 is $
What are the exemptions for the two different AGI?