taxmap/instr/i1040gi-001.htm#TXMP1304ebfdtaxmap/instr/i1040gi-001.htm#TXMP0e973bbbYou may be able to take the EIC if:
- Three or more children lived with you and you earned less than $43,352 ($48,362 if married filing jointly),
- Two children lived with you and you earned less than $40,363 ($45,373 if married filing jointly),
- One child lived with you and you earned less than $35,535 ($40,545 if married filing jointly), or
- A child did not live with you and you earned less than $13,460 ($18,470 if married filing jointly).
The maximum AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit is still $3,100.
taxmap/instr/i1040gi-001.htm#TXMP7f5d2973You may be able to take an IRA deduction if you were covered by a retirement plan and your 2010 modified AGI is less than $66,000 ($109,000 if married filing jointly or qualifying widow(er)). If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2010 modified AGI is less than $177,000.
taxmap/instr/i1040gi-001.htm#TXMP2355275bIf you claimed the first-time homebuyer credit for a home you bought in 2008, you generally must begin repaying it in 2010. See Form 5405 for details.
taxmap/instr/i1040gi-001.htm#TXMP26cdec88Half of any income that results from a rollover or conversion to a Roth IRA from another retirement plan in 2010 is included in income in 2011, and the other half in 2012, unless you elect to include all of it in 2010. In addition, for any tax year beginning after 2009, you can make a qualified rollover contribution to a Roth IRA regardless of the amount of your modified AGI.
taxmap/instr/i1040gi-001.htm#TXMP640d01a8The AMT exemption amount is scheduled to decrease to $33,750 ($45,000 if married filing jointly or a qualifying widow(er); $22,500 if married filing separately).
taxmap/instr/i1040gi-001.htm#TXMP50a1c247The percentage rate for 2010 increases to 9%. However, the deduction is reduced if you have oil-related qualified production activities income.
taxmap/instr/i1040gi-001.htm#TXMP5061257bEach personal casualty or theft loss is limited to the excess of the loss over $100 (instead of $500).
taxmap/instr/i1040gi-001.htm#TXMP2f5d5764The following benefits are scheduled to expire and will not be available for 2010.
- Deduction for educator expenses in figuring AGI.
- Tuition and fees deduction in figuring AGI.
- Increased standard deduction for real estate taxes or net disaster loss.
- Itemized deduction or increased standard deduction for state or local sales or excise taxes on the purchase of a new motor vehicle.
- Deduction for state and local sales taxes.
- The exclusion from income of up to $2,400 in unemployment compensation.
- The exclusion from income of qualified charitable distributions.
- Government retiree credit.
- District of Columbia first-time homebuyer credit (for homes purchased after 2009).
- Extra $3,000 IRA deduction for employees of bankrupt companies.
- Certain tax benefits for Midwestern disaster areas, including the additional exemption amount if you provided housing for a person displaced by the Midwestern storms, tornadoes, or flooding.
For 2010, taxpayers with AGI above a certain amount will no longer lose part of their deduction for personal exemptions and itemized deductions.
taxmap/instr/i1040gi-001.htm#TXMP6c5b89cbThe allowance of the following personal credits against the AMT has expired.
- Credit for child and dependent care expenses.
- Credit for the elderly or the disabled.
- Lifetime learning credit.
- Mortgage interest credit.
- Credit for nonbusiness energy property.
- District of Columbia first-time homebuyer credit.
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