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Revision as of 20:36, 10 September 2026


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You cannot file bankruptcy in 2007 and if appropriate discharge a 2006 tax arrears. That makes his final adjusted gross income $57,058 ($39,000 plus $18,058). After he takes his 2006 standard deduction of $6,400 ($5,150 $1,250 for age 65 or over) together with personal exemption of $3,300, his taxable income is $47,358. That puts him all of the 25% marginal tax range. If Hank's income comes up by $10 of taxable income he will pay $2.

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