Theyâ??re coming for your AGI. Arrange your affairs to lessen the damage.
Did you know that the adjusted gross income on line 37 of your 1040 is a sitting duck?
AGI attracts all manner of penalties, surtaxes and phase-outs of benefits. Noteworthy is an AGI-powered boost in Medicare premiums that will cost a couple up to $8,899 in 2017. The tax code is littered with provisions like this. Some education or adoption credit or tax-deferred IRA will be dangled, then snatched away if line 37 is too high. This is how politicians can brag about promoting college or adoption or retirement yet trim the cost.
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