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lH l Y * H F 2 H F R J k _ S F D Y n V l p X w _ { } q J 6 d @ ? @ A ? @ B ? @ C ? @ D ? @ E ? @ F ? @ G ? @ H ? @ I ? @ J ? @ K ? @ L ? @ M ? @ N ? @ O ? @ P ? @ Q ? @ R ? @ S ? @ T ? @ U ? @ V ? @ W ? @ X ? @ Y ? @ Z ? @ [ ? @ \ ? @ ] ? @ ^ ? @ _ ? @ # @ Interest paid deduction: @ / / / / / 0 6 A ) . Total per adjusted gross income concept * A / dBA/ / N / J? / @0 [ A + B ) # Total home mortgage interest * B / vAA/
/ / @
/ <@0 @@ / C ) ' Medical and dental expense deduction * C / `'@/ F8h / `@/ &b / |@0 @ / D ) ' Net casualty or theft loss deduction * D / ӵ@/ A/ @/ A/ r@0 A E ) Taxes paid deduction * E / ʭ / / / / ܡ@0 0@ 3 F + Net limited miscellaneous deductions per F / / / / / 0 + G ) # adjusted gross income concept * G / A/ ~1/ ȾA/ ]-/ @0 @ / H ) ' Non-limited miscellaneous deductions * H / 8A/ rT/ jA/ "/ 0@0 P A K I C Excess of exemptions and deductions over adjusted gross income. * I / @/ L / @/ 65 / @0 A J ) Taxable income~
J / GA J / A~
J / GA J / A J / s@0 @ K ) Tax at regular rates * K / % /
2[/ : / bb[/ ps@0 @ - L ) % Alternitve minimum tax (Form 6251) L / ֪i / @ ֪i @
L / **
L 0 **! M ) Income tax before credits * M / H / n^/ D / *n^/ ps@0 @ N Tax credits: N / / / / / 0 O ) Total * O / A/ zlQ / A/ 6P / ps@0 @ P ) Child care credit * P / ZA/ @/ xZA/ @/ (@0 @ Q ) Minimum tax credit * Q / @/ Ȟ$A/ P@/ <>$A/ p@0 #@ R ) Foreign tax credit * R / / / / / 0 % S ) General business credit * S / ^@/ FA/ W@/ (>A/ J@0 0@ " T ) Worldwide total income tax * T / D / E^/ D / E^/ 0 U ) Foreign taxes paid * U / ,A/ / ,A/ / 0 Q V I Foreign taxes paid on excluded foreign-earned income (Form 1116). * V / @/ f' / @/ f' / 0 ) W ! Taxable income which would yield: W / / / / / 0 $ X ) Income tax before credits~
X / H X / 5A~
X / D X / @ݠA X / ps@0 @ # Y ) Income tax after credits~
Y / D Y / A~
Y / D Y / A Y / 0 % Z ) Worldwide total income tax~
Z / D Z / A~
Z / D Z / A Z / 0 D [ < Reconciliation of adjusted gross income and expanded income: [ / / / / / 0 \ , Adjusted gross income~
\ < i \ < A~
\ < D \ < @* * d$A* n* {@+ @@ : | ) 2 Net loss, total (deductible and nondeductible) * | * GA* VƤ* @A* ֣* {@+ (@ ' } ) Nondeductible rental loss * } * `~A* r
* 0xA* * h@+ @ ~ Royalty: ~ * * * * * + ) Net income * * (A* * A* YA* {@+ @ D ^ lm q t ~ 9 t 9 H F ' H F t H F : F F N F F S M C Q i ' H l Y * ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ I 4 ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ) Net loss * * @* @* ݲ@* @@* @+ F@ Estate or trust: * * * * * + ) Net income * * >@* ќ* /@* zU* n@+ @ ) Net loss * * @* L(A* @* E(A* S@+ @ ) State income tax refunds * *
J * Ҹp* J * N5o* 8@+ 8@ ) Alimony received * * x@* gL * v@* ^L * @+ @ 9 ) 1 Social Security benefits in adjusted gross income * * (F A* .T* m * YR* <@+ @@ - ) % Social Security benefits (nontaxable) * * PF A* Jxi * 6 A* h * @@+ @ ! ) Unemployment compensation * * @* X^A* @* [A* 8@+ `c@ ) Other income * * ԊA* K3* A* B22* 8@+ @ )
Other loss * * @* " * @* @A* L@+ ؞@ ' ) Foreign-earned income exclusion * * a@* tHA* ^@* lHA* 5@+ @ ) Total income~
* F; * -3A~
* 6 * 0A * @+ - $ ) Statutory adjustments, total * * t4A*
g* .Q * ?f* @+ @ : ) 2 Payments to Individual Retirement Arrangements * * @* F( * P@* #A* N@+ @t@ > ) 6 Payments to self-employed retirement (Keogh) plans * * IA* n* HA* zn* L@+ @ & ) Moving expenses adjustment * * r@* ЎA* q@* A* "@+ X@ , Adjusted gross income~
: F; : @S&A~
: 6 : @bA : @; &A - ) % Investment interest expense deduction * * p A* w* N! * fj* ܐ@+ @ A I A Total tax preferences excluded from adjusted gross income. * *
-A* * n9 * zӂ* Z@+ (1A 7 { Total alternative minimum tax preference items (excluding tax-exempt interest from private activity bonds) * 8 @@8 v 8 @8 8IA8 A@9 @ K C Passive activity loss (alternative minimum tax adjustment). * * l A* 1@* ` A* `@* @+ ,@ 5 Expanded income~
: J; : @n5A~
: 6 : (/A : @; ^d . Exemption amount * / he:A/ >b/ :\i / ~/ @0 @ Itemized deductions: / / / / / 0 5 ) - Total per adjusted gross income concept * / î / &1/ / ^1/ @0 d"/A / ) ' Total per expanded income concept * / / >
6/ / Bt5/ @0 |(A - ) % Charitable contributions deduction * / / כ/ Zǧ / z/ @0 A # Interest paid deduction: / / / / / 0 6 ) . Total per adjusted gross income concept * / h`BA/ / V / 2+x / @0 A 0 ) ( Total per expanded income concept * / v /
/ l / 0
/ @0 `@ + ) # Total home mortgage interest * / *= / a
/ $ / / x@0 @ D lF 2 H F R J k _ S F D Y n V l p X w _ { } q J 6 g a _ = h b ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ ? @ / ) ' Medical and dental expense deduction * / l@/ ,>A/ @/ n / @0 A / ) ' Net casualty or theft loss deduction * / -@/ |_ A/ ڳ@/ H?A/ 0u@0 `@A ) Taxes paid deduction * / / n7/ zI / ./ @0 A R J Net limited miscellaneous deductions per adjusted gross income concept * / A/ E*/ sA/ ή$/ ֢@0 p\@ / ) ' Non-limited miscellaneous deductions * / A/ / 8A/ ޘ / r@0 l@ K C Excess of exemptions and deductions over adjusted gross income. * / *@/ O / @/ +A/ Ƭ@0 GA ) Taxable income~
/ fʺ / @ZkA~
/ ú / "A / y@0 pU@ ) Tax at regular rates * / \YGA/ \/ *ĺ / 6\/ z@0 @ * ) " Alternitve minimum tax (Form 6251) * / lj / /
kj / ʞ/ @X@0 \@ ! ) Income tax before credits * / & / ~^/ & / 6^/ @0 P@ Tax credits: / / / / / 0 ) Total * / RA/
Q / JA/ P / @0 P@ ) Child care credit * / A/ @/ xA/ `@/ .@0 @ ) Minimum tax credit * / @/ $A/ p@/ |_$A/ pr@0 %@ ) Foreign tax credit * / / / / / 0 % ) General business credit * / @/ LA/ @/ CA/ K@0 p@ " ) Worldwide total income tax * / 6 / (A/ 6 / (A/ 0 ) Foreign taxes paid * / Lt.A/ T/ Lt.A/ T/ 0 Q I Foreign taxes paid on excluded foreign-earned income (Form 1116). * / )@/ 5 / )@/ 5 / 0 ) ! Taxable income which would yield: / / / / / 0 $ ) Income tax before credits~
/ & / rA~
/ & / =A / @0 `X@ # ) Income tax after credits~
/ 6 / ]lA~
/ 6 / ]lA / 0 % ) Worldwide total income tax~
/ 6 / mA~
/ 6 / mA / 0 D < Reconciliation of adjusted gross income and expanded income: / / / / / 0 , Adjusted gross income~
< F; < @S&A~
< 6 < @bA < @= &A U M plus: Total tax preferences excluded from adjusted gross income [2] * /
-A/ / n9 / zӂ/ Z@0 (1A @ ) 8 Social Security benefits (nontaxable) * / PF A/ Jxi / 6 A/ h / @@0 @ : ) 2 Foreign-earned income exclusion * / a@/ tHA/ ^@/ lHA/ 5@0 @ ; ) 3 minus: Investment interest expense deduction * / p A/ w/ N! / fj/ ܐ@0 @ A ? ) 7 Non-limited miscellaneous deductions * / A/ / 8A/ ޘ / r@0 l@ B ) : Unreimbursed employee business expenses * / A/ "K/ h A/ z;/ `m@0 P@ $ - Equals: Expanded income~
> J; > @n5A~
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la a Q a } p N \ S . B Q R R W T L C ~ } ^ y r l m q t J @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ S 4 K ** Data combined to avoid disclosure of information for specific taxpayers. 4 4 4 4 4 4 4 [1] Section 179 of the Internal Revenue Code permits certain taxpayers to elect to deduct all or part of the cost of certain qualifying property in the year they place it in service, instead of taking depreciation deductions over a specified recovery per 4 4 4 4 4 4 e 4 ] [2] Includes tax-exempt interest and tax preference items subject to alternative minimum tax. 4 4 4 4 4 4 ? 7 NOTE: Detail may not add to totals because of rounding.? 7 Source: IRS, Statistics of Income Division, June 2007. D lm ! C C J 4 Y 4 4 @ @ @ @ @ @ @ @ $ = Z $8 X>
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a Table 6.--Returns With and Without Worldwide Income Tax and With Income of $200,000 or More Under
- ' - 4
2
# Y Alternative Concepts: Income, Deductions, Credits, and Tax, by Tax Status, Tax Year 2004. Small Fonts - 2
5 W [All figures are estimates based on samples--money amounts are in thousands of dollars] Small Fonts - B 2
B u' Returns with income of $200,000 or more 2
\ ) Total2 % 2
i U Income concept, item 2
i Number
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of 2
returns 2
(1) Small Fonts -
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8 Adjusted Gross Income Concept - 2
2
T Salaries and wages.................................................................. Small Fonts - 2
2,599,609 - * 2
Business or profession: 2
2
Z Net income............................................................................ - 2
623,521 - ' - 4 -
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