src/fed2019/TaxReturn.ts

   1 // Copyright 2020 Blue Static <https://www.bluestatic.org>
   2 // This program is free software licensed under the GNU General Public License,
   3 // version 3.0. The full text of the license can be found in LICENSE.txt.
   4 // SPDX-License-Identifier: GPL-3.0-only
   5
   6 import { TaxReturn as BaseTaxReturn } from '../core';
   7
   8 import Form1040, { FilingStatus } from './Form1040';
   9
  10 export const Constants = {
  11   taxBrackets: {
  12     // From https://www.irs.gov/pub/irs-drop/rp-18-57.pdf, Section 3.01 and
  13     // https://www.irs.gov/pub/irs-pdf/p17.pdf, 2019 Tax Rate Schedules (p254).
  14     // Format is: [ limit-of-taxable-income, marginal-rate, base-tax ]
  15     // If Income is over Row[0], pay Row[2] + (Row[1] * (Income - PreviousRow[0]))
  16     [FilingStatus.MarriedFilingJoint]: [
  17       [ 19400, 0.10, 0 ],
  18       [ 78950, 0.12, 1940 ],
  19       [ 168400, 0.22, 9086 ],
  20       [ 321450, 0.24, 28765 ],
  21       [ 408200, 0.32, 65497 ],
  22       [ 612350, 0.35, 93257 ],
  23       [ Infinity, 0.37, 164709.50 ]
  24     ],
  25     [FilingStatus.Single]: [
  26       [ 9700, 0.10, 0 ],
  27       [ 39475, 0.12, 970 ],
  28       [ 84200, 0.22, 4543 ],
  29       [ 160725, 0.24, 14382.50 ],
  30       [ 204100, 0.32, 32748.50 ],
  31       [ 510300, 0.35, 46628.50 ],
  32       [ Infinity, 0.37, 153798.50 ]
  33     ],
  34     [FilingStatus.MarriedFilingSeparate]: [
  35       [ 9700, 0.10, 0 ],
  36       [ 39475, 0.12, 970 ],
  37       [ 84200, 0.22, 4543 ],
  38       [ 160725, 0.24, 14382.50 ],
  39       [ 204100, 0.32, 32748.50 ],
  40       [ 306175, 0.35, 46628.50 ],
  41       [ Infinity, 0.37, 82354.75 ]
  42     ]
  43   },
  44
  45   standardDeduction: {
  46     [FilingStatus.MarriedFilingJoint]: 24400,
  47     [FilingStatus.Single]: 12200,
  48     [FilingStatus.MarriedFilingSeparate]: 12200,
  49   },
  50
  51   niit: {
  52     rate: 0.038,
  53     limit: {
  54       [FilingStatus.MarriedFilingJoint]: 250000,
  55       [FilingStatus.MarriedFilingSeparate]: 125000,
  56       [FilingStatus.Single]: 200000,
  57     },
  58   },
  59
  60   medicare: {
  61     withholdingRate: 0.0145,
  62     additionalWithholdingRate: 0.009,
  63     additionalWithholdingLimit: {
  64       [FilingStatus.Single]: 200000,
  65       [FilingStatus.MarriedFilingJoint]: 250000,
  66       [FilingStatus.MarriedFilingSeparate]: 125000,
  67     },
  68   },
  69
  70   capitalGains: {
  71     rate0MaxIncome: {
  72       [FilingStatus.MarriedFilingJoint]: 78750,
  73       [FilingStatus.Single]: 39375,
  74       [FilingStatus.MarriedFilingSeparate]: 39375,
  75     },
  76     rate15MaxIncome: {
  77       [FilingStatus.MarriedFilingJoint]: 488850,
  78       [FilingStatus.MarriedFilingSeparate]: 244425,
  79       [FilingStatus.Single]: 434550,
  80     },
  81   },
  82
  83   capitalLossLimit: {
  84     [FilingStatus.MarriedFilingJoint]: -3000,
  85     [FilingStatus.MarriedFilingSeparate]: -1500,
  86     [FilingStatus.Single]: -3000,
  87   },
  88
  89   qualifiedBusinessIncomeDeductionThreshold: {
  90     [FilingStatus.MarriedFilingJoint]: 321450, // RP-18-57, Section 3.27 indicates this should be 321400, but it does not match the 24% tax bracket nor Sched D Tax Worksheet line 19.
  91     [FilingStatus.MarriedFilingSeparate]: 160725,
  92     [FilingStatus.Single]: 160725,
  93   },
  94
  95   foreignTaxCreditWithoutForm1116Limit: {
  96     [FilingStatus.MarriedFilingJoint]: 600,
  97     [FilingStatus.MarriedFilingSeparate]: 300,
  98     [FilingStatus.Single]: 300,
  99   },
 100
 101   saltLimit: {
 102     [FilingStatus.MarriedFilingJoint]: 10000,
 103     [FilingStatus.Single]: 10000,
 104     [FilingStatus.MarriedFilingSeparate]: 5000,
 105   },
 106
 107   medicalDeductionLimitationPercent: 0.075,
 108
 109   prevYearStandardDeduction: {
 110     [FilingStatus.MarriedFilingJoint]: 24000,
 111     [FilingStatus.Single]: 12000,
 112     [FilingStatus.MarriedFilingSeparate]: 12000,
 113   },
 114
 115   amt: {
 116     exemption: {
 117       [FilingStatus.MarriedFilingJoint]: 111700,
 118       [FilingStatus.Single]: 71700,
 119       [FilingStatus.MarriedFilingSeparate]: 55850,
 120     },
 121     phaseout: {
 122       [FilingStatus.MarriedFilingJoint]: 1020600,
 123       [FilingStatus.Single]: 510300,
 124       [FilingStatus.MarriedFilingSeparate]: 510300,
 125     },
 126     limitForRate28Percent: {
 127       [FilingStatus.MarriedFilingJoint]: 194800,
 128       [FilingStatus.Single]: 194800,
 129       [FilingStatus.MarriedFilingSeparate]: 97400,
 130     },
 131   },
 132
 133   mortgatgeInterestDeduction: {
 134     limit: {
 135       [FilingStatus.MarriedFilingJoint]: 750_000,
 136       [FilingStatus.Single]: 750_000,
 137       [FilingStatus.MarriedFilingSeparate]: 375_000,
 138     },
 139   },
 140 };
 141
 142 export default class TaxReturn extends BaseTaxReturn {
 143   readonly constants = Constants;
 144
 145   get year() { return 2019; }
 146
 147   get includeJointPersonForms() {
 148     return this.getForm(Form1040).filingStatus == FilingStatus.MarriedFilingJoint;
 149   }
 150 };