* WASHINGTON (8/10/11)--The IRS’s Volunteer Income Tax Assistance (VITA) Return Preparation Adjusted Gross Income (AGI) threshold will stand at $50,000 for the 2011 tax year. As reported in the Pennsylvania Credit Union League’s Life is a Highway
(Aug. 9), this threshold is based on 2011 tax year EITC AGI limits. The IRS has determined that earned income and adjusted gross income (AGI) must each be less than:
*$43,998 ($49,078 married filing jointly) with three or more qualifying children; *$40,964 ($46,044 married filing jointly) with two qualifying children; *$36,052 ($41,132 married filing jointly) with one qualifying child; and *$13,660 ($18,740 married filing jointly) with no qualifying children.
The maximum EITC for 2011 will be $5,751 for households with three or more qualifying children, $5,112 for households with two qualifying children, $3,094 for households with one qualifying child, and $464 for households with no qualifying children. Investment income must be $3,150 or less for the year, the IRS said … * WASHINGTON (8/10/11)--About 31,600 homeowners received a permanent modification through the Treasury Department’s Home Affordable Modification Program (HAMP) in June, according to the monthly HAMP report. More than 760,000 homeowners nationwide have received a HAMP permanent modification to date, with a median payment reduction of 37%, according to the Treasury Department. About 115,500 borrowers are in payment trials, with 18,200 receiving a trial principal reduction. Roughly 7,000 homeowners have received a permanent principal reduction under HAMP. The median principal amount reduced is nearly $67,500, or 30% of the loan amount …