Printable Form Instructions 8379 Chico California 2024-2025

Printable Form Instructions 8379 Chico California: What You Should Know

The allocation on I.R.C. section 223(g), is allocated based on your modified adjusted gross income (MAGI) and the modified adjusted gross income of your spouse. Each spouse needs the following number of points to maximize their tax refund. For MAGI of 75,000 – 15 points For MAGI of 150,000 – 25 points For MAGI of 225,000 – 30 points The following are examples of the results if the married partner did not have any marital penalties: For 75,001 – 15 points 1,000 – 2,500 = 800 The modified adjusted gross income of married partner is 77,501 – 25 points This means The refund would be 50 (2.5 + 800) 750.00 – 500 = 750 The modification of income of married partner is 77,501 – 30 points This means The refund would be 500 (2.5 + 750) 800.00 + 500 = 2,500 This example shows that if you are married filing a joint return and your MAGI is 75,000, the refund is equal to the modification of income (the modification of MAGI of 225,000 is not used). If the modification of income is of 75,001 or less the refund of the injured spouse's portion of the loss is 50 cents of the adjusted gross income. This calculation is applied to the entire amount of their loss that does not qualify as a penalty. Note: The example above does not include marital penalties if the taxpayer is married to the employee and the employee's MAGI is 150,000 or more. These penalties are calculated as follows. The portion of the loss to be paid back is multiplied by the amount of penalty, or 25 points, and divided by the total amount of the loss, or 750. If the modified adjusted gross income of the injured spouse is 150,000 or more but less than 225,000 the part of the loss to be paid back is multiplied by the amount of penalty divided by the entire loss amount, up to a maximum penalty of 30 points (1,000 25 = 500). This calculation is applied only to the injured spouse's portion of the loss. It is not applied to the employer's share. To claim an allocation of the adjustment to the injury to you, the following is necessary.

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