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Author: lethean Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121571  
Subject: tax planning ... Date: 2/1/2007 2:26 PM
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Where is a good place on the web to get just an outline of:

1. 2005 tax rate schedules, personal exemption amounts (including 65+) and phaseouts, standard deduction (and) itemized deduction phaseouts.

2. 2006 - the same

I have found some sites but then found later that they didn't print. Ugh. I'd like capsule info for now. I don't remember things so I need to print.

>>>>>

Background for later:

DH retired 12/31/06. I want to plan retirement withdrawals going forward (from tax deferred and/or taxable accts) and integrate with some tax planning. DH went from self employed in 2004, to salary for 2005/2006, asset sale 2004, installment sale of goodwill (2005, 2006, 2007), bonus 2005 and 2007 (deferred). IOW, the income is jumping around from year to year. Max SS will start mid 2007 at age 66.5. (FRA was 65.6).

So, ... I'm trying to work my way to a 4 year spreadsheet starting with 2005. Sources of income, Schedule A deduct, and Exemptions - with the "initial" goal of determining how much distribution to take from Rollover IRA to max out the 15% tax bracket. (Remainder if needed from taxable account). I do NOT need help with that right now. It's just where I think I'm headed. OK?

I input old 2004 tax return into TT for practise. Currently inputting old 2005 return into TT, also for practise. However, in looking at the 2005 return I don't understand why 2 personal exemptions (with 1 of them 65+, DOB 12/40) was recorded as $6400. Shouldn't it have been $7400? MFJ. $218,950 begins the exemption phaseout for 2005, right? AGI was under that amount. What am I missing?

I'm sorry. That was a lot of info for the ultimate question. Why $6400 for 2 personal exemptions in 2005 when 1 of them was 65+, and AGI under the phaseout amount?

As for the rest of the info? Just background. I suspect I'll be back with more questions as the spreadsheet progresses. For now, I don't understand the 2005 exemption amount.

Thank you .... Lethean

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