A client was asking my how they could reduce they MAGI (modified adjusted gross income), below the $150,000 threshold for Married Filing Jointly.
The answer was I don't practice as a CPA anymore. Having said, that I was still curious, so the the only way to reduce MAGI which is AGI (line 37 on the bottom of page 1 of the 2008 form 1040) is to reduce taxable income (defer income or increase 401k withholding) or increase the deductions to get to AGI (which are IRA, SEP and Healthcare account deductions).
Take a look at the 1040 Form
Or one could choose to quit working or take some unpaid time off - hey it's worth considering.
If anyone other ideas, please do share.
FAQ on the $8000 credit
Pulte Homes at Villa D'Este in Ardenwood Opened Up to the Public This Past Weekend While the bankruptcy of the John Laing Home Builder l...
From Crain’s Silicon Valley California and in particular Northern California Holds 12 of the top 25 spots. Silicon Valley is the most exp...
how to lower your Modified Adjusted Gross Income to qualify for the $8000 1st time home buyer creditA client was asking my how they could reduce they MAGI (modified adjusted gross income), below the $150,000 threshold for Married Filing Joi...