More 2007 Tips
ALTERNATIVE MINIMUM TAX (AMT) EXEMPTION AMOUNT DECREASED
The AMT exemption amount is decreased to $33,750 ($45,000 if married filing jointly or a qualifying widow (er); $22,500 if married filing separately. At the time of this blog, Congress was expected to consider legislation that would increase the amounts above.
IRA DEDUCTION EXPANDED
You may be able to take an IRS deduction if you were covered by a retirement plan and your 2007 modified adjusted gross income (AGI)is less than $62,000. ($103,000 if you are married filing jointly or qualified widow(er).
You may be able to deduct up to an additional $3,000 if you were a participant in a 401 (k) plan and your employer was in bankruptcy in an earlier year.