| | | RE: - Senior Standard Deduction Bonus The IRS does not define the MAGI phase out calculation
Here's what I found on H&R Block: hrblock.com
The deduction includes a phase-out range as shown below. If your Modified Adjusted Gross Income (MAGI) is between the phase out range, the amount of the deduction you can claim will be reduced.
- The phase-out range is $75,000-$175,000 for those filing as Single.
- The phase-out range is $150,000-$250,000 for those Married Filing Jointly.
Here’s how the phase out works. Once your income crosses the threshold, the deduction is reduced by six cents for every $1 over the threshold amount.
For example, If you are a Single filer, and your MAGI is $100,000, your income is $25,000 over the $75,000 threshold. Your deduction would be reduced by $1,500 ($25,000 x $0.06), leaving you with a $4,500 senior deduction instead of the full $6,000.
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