Author Topic: How much money do you have to make to pay the first dollar in taxes?  (Read 2327 times)

purple monkey

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I am still confused by personal exemptions and standard deduction.
Can you wise ones help me out?
TIA

Jack

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Re: How much money do you have to make to pay the first dollar in taxes?
« Reply #1 on: February 07, 2016, 07:51:20 PM »
It depends on your filing status, number of exemptions, etc.

In my case, married-filing-jointly with two exemptions (for me and my wife), my AGI can reach ($12600 + $4000 * 2) = $20600 before I start getting taxed.

Of course, that assumes no credits and no deductions. If you've got a lot of both, it's possible to earn a lot more before paying the first $1 in tax.

tj

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Re: How much money do you have to make to pay the first dollar in taxes?
« Reply #2 on: February 07, 2016, 08:15:29 PM »
Also depends on if your income is earned or LTCT/Qualified Dividend. If all your income is qualified dividends then the number is even higher.

GrOW

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Re: How much money do you have to make to pay the first dollar in taxes?
« Reply #3 on: February 07, 2016, 08:35:01 PM »
This article may be a great starting point for you. It can easily be adapted to 2016 if desired.

http://www.millionaireeducator.com/2014/10/2015-free-money.html

purple monkey

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Re: How much money do you have to make to pay the first dollar in taxes?
« Reply #4 on: February 07, 2016, 09:38:15 PM »
This article may be a great starting point for you. It can easily be adapted to 2016 if desired.

http://www.millionaireeducator.com/2014/10/2015-free-money.html

Super, super helpful!

Ed Mills

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Re: How much money do you have to make to pay the first dollar in taxes?
« Reply #5 on: February 08, 2016, 05:00:15 AM »
Did somebody say free money?!  Here are my numbers for 2016:  http://www.millionaireeducator.com/2015/10/2016-free-money.html.