· Raise the AMT Exemption

Image via Wikipedia (Ida May Fuller gets her Social Security check!)

I’m hearing some news about upcoming tax law changes. I mentioned one last week, but there’s more:

1. The waiver on mandatory payouts from IRAs for those over 70.5 will NOT be extended into 2010. The stock market did too well this year to extend this benefit into next year. Huh?

2. There is a House measure to extend unemployment benefits up to 13 weeks for those without a job. Businesses will foot the bill through an extension of the federal unemployment .2% surtax through 2010. More innovation from the guvvment.

3. An extra payment to Social Security beneficiaries will likely be approved this fall. Between $150 and $250 per beneficiary.

4. The estate tax is scheduled to disappear in 2010. But not if Congress has anything to do with it… there’s too much money in it. Extending the death tax will help pay for all the other money we just go through printing.

5. On deck the past couple of years, the AMT exemption is up at bat again! It will be raised again toward the end of this year so as not to catch many unsuspecting middle-income taxpayers by surprise. Otherwise, it would revert back to pre-2001 levels.

6. Armed forces members will be allowed to take the first-time home buyer’s tax credit, even if they’ve been overseas and missed the December 1 deadline. They’ll have this benefit afforded to them through the end of 2010.

So there. God bless America.