HIGH-INCOME TAXPAYERS CAN EXPECT PHASE-OUTS RESTORED

After several years of having their personal exemption deductions and a portion of their itemized deductions phased out, beginning for 2010 and through 2012, high-income taxpayers have regained full benefit of those deductions.  However, after 2012, without Congressional action, the phase-outs will be restored for high-income taxpayers.  The administration is considering beginning the phase-out at $200,000 for single individuals and $250,000 for married couples.