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Yes, it is correct. The $155,650 is just a trigger for you to use the worksheet to figure out the exemption deduction, but that is the threshold for married filing separately, so your threshold will be larger if single or married filing jointly. You can see the worksheet on pages 40-41 of the Form 1040 instructions if you want further clarification -
Yes, it is correct. The $155,650 is just a trigger for you to use the worksheet to figure out the exemption deduction, but that is the threshold for married filing separately, so your threshold will be larger if single or married filing jointly. You can see the worksheet on pages 40-41 of the Form 1040 instructions if you want further clarification -
Line 41 can be a negative amount.
What?
2,618
- 9,250
= -6,632 or (6,632)
since you have a negative on line 41 then the exemptions on line 42 will be greater than 41. So for line 43 you enter 0.
I made a screen shot of 2015 1040 with lines 39-43 filled out
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