- 4 - (1) In general.--A taxpayer is described in this subsection if-- (A) the sum of-- (i) the modified adjusted gross income of the taxpayer for the taxable year, plus (ii) one-half of the social security benefits received during the taxable year, exceeds (B) the base amount. (2) Modified adjusted gross income.--For purposes of this subsection, the term “modified adjusted gross income” means adjusted gross income-- (A) determined without regard to this section and sections 135, 911, 931, and 933, and (B) increased by the amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax. (c) Base Amount and Adjusted Base Amount.-- For purposes of this section-- (1) Base amount.--The term “base amount” means-- (A) except as otherwise provided in this paragraph, $25,000, (B) $32,000 in the case of a joint return, and (C) zero in the case of a taxpayer who-- (i) is married as of the close of the taxable year (within the meaning of section 7703) but does not file a joint return for such year, andPage: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011