Getting Associated With Tax Debts In Bankruptcy: Difference between revisions

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Revision as of 01:56, 23 January 2025

Despite the actual tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income income tax. Those affected are Social Security recipients who hold the good fortune (misfortune?) always be subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits.

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Julie's total exclusion is $94,079. On her behalf American expat tax return she also gets to claim a personal exemption ($3,650) and standard deduction ($5,700). Thus, her taxable income is negative. She owes no U.S. duty.

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