The most frequent question tax advisors hear from taxpayers is 'What’s my tax bracket?' For most of my career in tax preparation, we were able to rely on the annual Tax Rate Schedule found in IRS forms and publications. The American Opportunity Tax Credit (AOTC) isn’t available as a joint filer’s AGI moves from $160,000 to $180,000; $80,000 to $90,000 for single filers. Consider a joint filer in the 25% tax bracket. They determine whether a person benefits from the Child Tax Credit, Adoption Credit/Exclusion, Elderly/Disabled Credit, whether a person can currently benefit from their rental/passive losses and whether they must pay an Alternative Minimum Tax (AMT).

Source: Forbes January 16, 2017 04:14 UTC