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Deductions & credits
I'm not a tax expert, but based on my calculations, if your income is under $100K, you qualify for a credit if you pay more than 25.40% of your income in rent; if your income is over $100K and under $150K, you qualify for a credit if you pay more than 31.75% of your income in rent; if your income is over $150K and under $200K, you qualify for a credit if you pay more than 38.10% of your income in rent. So if you pay a considerable amount of rent as a percentage of your income based on the thresholds that I've calculated, then check closely to see whether or not you're receiving this credit.
‎June 4, 2019
8:14 PM