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Wilhelm special

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Marginal Rates with respect to: Other Income Wage Income Taxpayer Earnings Spouse Earning Long Term Gains Other deductions Mortgage Interest Not Calculated
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Marginal Rates (finite differences) with respect to: Other Income Wage Income Taxpayer Earnings Spouse Earnings Long Term Gains Not Calculated
1. Case ID (must be numeric)
2. Tax year (4 digits between 1960 and 2013, but state must be zero if year is before 1977 or after 2004. OR

if a non-integer year is specified then the year is rounded to the next lower year, and

  • [Special for Hungerman] EGTRRA is not used for 2001 and 2002, top rate stays at 39.6]
  • [Special for Wilhelm] JGTRRA is suppressed. So if the year is 2003.5, then the tax is calculated according to the law planned for 2003 before the JGTRRA was enacted, that is, the top rate is .376 (which never did go into effect because of JGTRRA).
(No default)
3. State (SOI codes. These run from 1 for Alabama to 51 for Wyoming and are not the Census or PSID codes. See state list,and also item two above.). Use zero for "no state tax calculation".
4. Marital Status (1. single 2. joint 3. head of household ) (No default)
5. Dependent Exemptions (number of children)
6. Number of taxpayers over 65 years of age.
7. Wage and salary income of Taxpayer (include self-employment).
8. Wage and salary income of Spouse (include self-employment).
9. Dividend income (corporate dividends only for 2003 on).
10. Other property income, including interest, rent, alimony, fellowships non-corporate dividends and other income or loss not otherwise enumerated here. (+/-)
11. Taxable Pensions
12. Gross Social Security Income
13. Other non-taxable transfer Income such as welfare, municipal bond interest, and child support that would affect eligibility for state property tax rebates but would not be taxable at the federal level.
14. Rent Paid (used only for calculating state property tax rebates)
15. Property taxes paid
16. Itemized deductions other than state income tax and local property tax. If you have medical expenses remember to only include the excess over 3%,5% or 7,5% of AGI (for years 60-82, 83-86 and 87+). These are regarded as preferences for the AMT.
17. Child care expenses.
18. Unemployment compensation received.
19. Number of dependents under age 17 (for child credit).
20. Mortgage Interest and other deductions not a preference for the AMT.
21. Sort Term Capital Gains or losses. (+/-)
22. Long Term Capital Gains or losses. (+/-)

This is a special taxsim for Wilhelm/ . If a non-integer year is specified, then JGTRRA is suppressed. This affects 2003 and 2004 only.