bmcper 
CEO/Auditor
Posts: 29
(9/14/00 5:39 pm)
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Tax Changes For Year 1999 !!!
GOOD NEWS!!!!!!!!!!! The Filing Deadline This Year for filing 1999 tax returns is April 17, 2000.
Personal exemptions have increased to:
Single: $4300
Head of Household: $6,350
Married Filing Joint: $7,200
Qualifing Widow(er): $7,200
Married Filing Separately: $3,600.
Ira Accounts: Remember, you have until April 17th to open or deposit to an IRA account. You can deposit and deduct up to $2,000 per year.
Spouses who do not work are now eligible for this deduction.
You may be able to take an IRA deduction if you were covered by a retirement plan and your modified adjusted gross income is less than the following amounts:
Single, Head of Household or married filing separately and you lived apart from your spouse for all of 1999 - $41,000
Married filing joint or qualifying widow(er) - $61,000
Conversion to Roth Ira: If you elected to report the taxable income over a period of four years you must report this taxable income on line 15b.
Student Loan Interest: You can deduct up to $1,500 in interest payments to a qualified student loan.
Child Tax Credits: The total of these tax credits can be as much as $500 per qualifying child. If you have three or more children and cannot claim the full $500 tax credit for each child, you may be able to claim the additional child tax credit
Tax From Recapture of Education Credits: You may owe this tax if you claimed an education credit in 1998 and you or your spouse (if filing jointly) or your dependent received: a refund of qualified tuition and related expenses or tax-free educational assistance in 1999.
Earned Income Credit: you may be able to take this credit if you earn less than $30,580 with qualifying children or $10,200 without qualifying children.
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