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Financial Planning / Tax Strategies


Subject:  Re: Supporting one parent financially Date:  9/27/2000  1:29 PM
Author:  BostonCPA Number:  40363 of 123001

You will get an extra personal exemption for your mother ($2,800 for this year)if you provide over 1/2 of her support. However, there are some things to consider:

1) It sounds like you are in a high tax bracket. If your adjusted gross income (line 33 on your Form 1040) is over $189,950, all of your personal exemptions will begin to be phased-out (reduced). When your AGI reaches $312,450, the personal exemptions will be phased out completely an