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No tax on overtime
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<blockquote data-quote="JL 0513" data-source="post: 6125535" data-attributes="member: 50088"><p>So looking at the House passed bill details is looking better than expected. </p><p></p><p>Eligible for up to $160K which covers us. Saw earlier reports of $100K cutoff which would suck. </p><p></p><p>Also looks to be no limitation on amount of OT hours. Earlier discussions suggested as low as only 3 eligible OT hrs a week. </p><p></p><p>One big thing to note though is that it's a deduction to be reported when filing. So not a weekly exemption. This will mean a sizable tax return. A welcomed thing since I haven't gotten a return in like 20 years. </p><p></p><p>We'll see what the Senate does.</p></blockquote><p></p>
[QUOTE="JL 0513, post: 6125535, member: 50088"] So looking at the House passed bill details is looking better than expected. Eligible for up to $160K which covers us. Saw earlier reports of $100K cutoff which would suck. Also looks to be no limitation on amount of OT hours. Earlier discussions suggested as low as only 3 eligible OT hrs a week. One big thing to note though is that it's a deduction to be reported when filing. So not a weekly exemption. This will mean a sizable tax return. A welcomed thing since I haven't gotten a return in like 20 years. We'll see what the Senate does. [/QUOTE]
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