Oas clawback 2020 calculation

Oas clawback 2020 calculation. Focusing on tax-efficient investments. Service Canada will inform you if you have been automatically enrolled. Nov 11, 2020 · The threshold to watch in 2020 is $79,054. You Jan 10, 2024 · OAS Clawback. Jan 10, 2019 · Income subject to clawback = $85,000 – $73,756 = $11,244_ Estimated clawback amount = $11,244 x 15% = $1,686. If you have lived in Canada for a total of at least 40 years after the age of 18, you may qualify for a full OAS payment. OAS payments vary based on your residency in Canada as an adult. TaxTips. He is aware that OAS benefits are “income sensitive,” such that benefits decrease as income increases. Clawback starts at 86,912 but you do not lose 100% of OAS until your income is 141,917 which is 5. As a result, Canadian retirees who receive Old Age Security (OAS) pensions face a unique tax challenge. When we consider the impact of this recovery tax it may make delaying OAS very appealing in certain situations. The CRA applies a 15% OAS pension recovery tax on every If income is moved from "other income" to Canadian dividends, total taxes will be reduced even as the OAS clawback increases. The Old Age Security (OAS) Clawback in 2023 can have significant implications for retirement planning in Canada. It provides detailed information on completing Form T1136, ''Old Age Security Return of Income (OASRI)''. It is that anyone with an income of $90k (yes, that is the 2024 threshold for start of claw back) does not need social assistance, never mind that it is not clawed all the way back until about $140k. 8% or < 3. The box 22 amount is used to reduce your income tax payable. Income subject to clawback. Good grief already! Apr 3, 2020 · The number to watch in 2020 is $79,054. However, RRSPs are tax-deferred, so taxes will be due at withdrawal. This guide is useful to non-residents of Canada receiving Old Age Security (OAS) payments. Strategies can be utilized to minimize. Box 23 - Quebec income tax deducted. So, if you earn a nice, even $100,000 as a retiree (and OAS Nov 30, 2020 · To demonstrate these combined benefit calculation rules, let’s use an example where the husband’s calculated CPP was $1,000 and the wife’s calculated CPP was $700. 1050 Notre Dame Ave. Nov 17, 2023 · How OAS clawback is calculated. Couple, spouse receives the allowance: $641. The net amount of any spouse's allowance and guaranteed income supplement (federal supplements) that you received in the tax year is shown in box 21 of your T4A(OAS) slip. Jul 27, 2019 · OAS Clawbacks for 2020: 0ld age security (OAS) is a dollar figure that you get when you hit 65. From July to December 2021, the CRA will clawback OAS payments Nov 22, 2020 · Step 1: Full OAS vs Partial OAS. For the old-age security pension, the maximum monthly payment is: From January to March 2024: $ 713,34 for an income of less than $ 142 609 $, 75 year+ If your income in 2019 was $90,000, the claw back amount would be: Income – Minimum Threshold = Difference, Difference x 15% = Claw Back Amount. Income Splitting. Seniors eligible to receive the OAS or GIS in June 2020 May 8, 2024 · The calculator uses this information to estimate your OAS pension amount, taking into account the potential for OAS clawback based on higher income levels and based on marital status. Oct 15, 2021 · The threshold for 2021 is $79,845. 9% It's weird that the age amount starts clawback at 42k This should be increased and the OAS clawback decreased Calculations are based on rates known as of October 9, 2021. The clawback threshold is adjusted annually and is currently set at $81,761 for 2024. Jan 20, 2020 · The OAS clawback gives retirees chills, because the CRA levies an additional 15% tax on your current marginal tax rate. The threshold amount changes each year and if your net world income exceeds the threshold amount ($79,054 for 2020), you will have to repay part or all of your OAS pension. You must report this amount on line 14600 of your return. The clawback amount is applied to your OAS pension payment in July 2023. 2. But here’s how Canadian retirees can avoid the OAS clawback in 2023. This withholding tax is often called clawback as well, because it is an estimate of what your clawback would be if your total income remains unchanged. The CRA implements a pension recovery tax on OAS payments when a person’s net world income tops a certain level. At $142,609 or above of annual income, OAS is $0. Note that an age amount clawback (as well as an OAS clawback) can be triggered by capital gains, even if the capital gains are offset by capital losses carried forward. Jul 7, 2022 · What is OAS clawback for 2020? The Old Age Security (OAS) clawback is another name for the OAS pension recovery tax. Based on increases over the past two years, the 2021 OAS clawback threshold could be close to $80,500. Here’s a summary table: Old Age Security (OAS) Pension Amounts – January to March 2023. This is accomplished by modeling Martin’s desired Sep 4, 2023 · The clawbacks for both programs depend on the annual income for the given tax year. In general, if your net income before adjustments (on line 234 of your tax return) exceeds a certain threshold ($79,054 for 2020), you’ll have to repay part or all of your OAS benefits for that year. It also allows you to see the impact Mar 20, 2024 · Capital gains can increase your income, potentially impacting your OAS claw-back and age amount deductions. OAS repayment threshold for 2023 - $86,912. $81,761. Income threshold for clawback. In July 2023, the clawback sum is deducted from your OAS pension payout. 91 for those age 75+ This maximum is reached if there is no income other than OAS and GIS. Dec 18, 2020 · The CRA’s OAS clawback is a tax on OAS payments that kicks in when the person’s net income exceeds a threshold. I liquidated a large mutual fund in 2020 to transfer to an ETF with lower fees. There are several ways to do this, such as: Delaying your OAS Payments. Officially called the OAS recovery tax, this clawback is 15% of every dollar earned above a certain threshold. The OAS clawback kicks in when net world income hits $79,054 for the 2020 tax year. your income. This threshold is set at around $90,997 for 2024 (estimated). Aug 17, 2018 · How To Minimize The OAS Clawback in 2024. OAS clawback rules. 67. OAS benefits are excluded from GIS clawback calculations. In June 2014, this threshold was $16,728 for a single individual. Sudbury ON P3A 5C2. Jul 27, 2023 · Moreover, the entire OAS amount will be clawed back if your annual income is over $134,626. In most cases, Service Canada will be able to automatically enroll you for the OAS pension if sufficient information is available. OAS recipients can receive the maximum benefit of $713. The median total income of OAS pensioners affected by the Jul 8, 2022 · How the OAS clawback is calculated. I really wish they would stop doing that. Here are some examples of OAS clawback calculations for the 2022 tax year: Income. Net income. Feb 22, 2024 · OAS is also income-tested and reduced for higher-income retirees. Just as well, the lowest-income seniors will be able to receive an old age security supplement called the OAS Guaranteed Income Supplement or GIS. This means, of course, that high-income seniors also received the $300 additional OAS payment. 100,000. This means an income of $80,054 (+$1,000 above the threshold), would experience an OAS clawback of $150 per year. Specifically, Edwin is aware that OAS benefits are “clawed back” at a rate of 15% once net income reaches $77,5801 with full elimination at $126,058. Feb 1, 2021 · The tax adds up until the OAS clawback recovers the full OAS pension. Every dollar above that amount triggers a 15-cent reduction in the OAS payment for the July 2024 to June 2025 period. We strive for accuracy, but cannot guarantee it. You On May 12, 2020, the Prime Minister announced a one-time tax-free payment of $300 for seniors eligible for the Old Age Security pension, with an additional $200 for seniors eligible for the GIS. Sep 14, 2021 · A one-time bump in Sam’s income triggered an Old Age Security benefit clawback, and he wants to know if there is a remedy. $784. 15 and divide by 12. It is considered taxable income and is subject to a recovery tax if your individual net annual income is higher than the net world income threshold set for the year ($81,761 for 2022). The government calls OAS payments an “Old Age Security Pension”. That means those collecting OAS can earn up to $90,997 in taxable income in 2024 without fear of having to repay their benefits. Understanding the clawback and its impact on income is crucial. 55. This supplement maxes out at about $919. Annual clawback amount. 15 from every $1 of income until OAS is gone. According to the CRA chart, the maximum threshold for the clawback is $126,058 for the 2020 income year. If your net income exceeds this amount, your OAS benefits will be reduced by 15 cents for every dollar of income above the threshold. Full OAS is a predetermined amount by the government of Canada, and it updates about once a year — not much! As of Q4 of 2020, it is Nov 30, 2020 · To demonstrate these combined benefit calculation rules, let’s use an example where the husband’s calculated CPP was $1,000 and the wife’s calculated CPP was $700. May 8, 2024 · 29,899 Posts. Tell me more. Taxes are not considered, you can use your TFSA account to avoid paying tax on your investment returns and your RRSP account to transfer some income from your high income years to your low income years. Mar 19, 2020 · The amount for the 2020 tax year is $79,054. The maximum threshold for the 2021 income year is $129,075. The minimum income recovery threshold for the 2022 tax year is $81,761 and the maximum income threshold is $133,141. The OAS Clawback 2023 is a tax in Canada that affects retirement income. If you were not a resident of Quebec on December 31, enter this amount on line 43700 of your federal return. The maximum monthly non-deferred OAS payment for those aged 75 and older in 2024 is $784. 00% up to a maximum of $8,251 ) Aug 27, 2018 · The optimal action is to level out Martin’s taxable income from 2018 on and, ideally, below the OAS clawback threshold of $75,910 (2018). You would have to repay $1,363. 37. 15 = $1,363. 85 (which is 15% of the difference between $90,000 and $81,761). Contact Sun Life Financial’s Customer Solutions Centre at 1-866-224-3906 for further details. 12 each month. The stated clawback range on the Government of Canada’s website for 2019 income is $77,580 to $125,937. ca - 2020 Canadian income tax and RRSP savings calculator - calculates taxes, shows RRSP savings, includes most deductions and tax credits. It’s known as an OAS clawback and applies above taxable income of $90,997. You would pay back 15% of the amount of taxable income that is above the minimum income recovery threshold. Find out more about Old Age Security (OAS) payment amounts. The estimated OAS social benefits repayment is $606. 90. 05 ($698. The OAS changes slightly throughout the year every three months. The OAS has the OAS Recovery Tax clawback that deducts 15% of taxable income for the excess amount in the annual income threshold. Interactive content (Author: Sarbjot Jainpuri, January 2020) May 1, 2018 · For OAS recipients whose net income on line 236 of their 2017 tax returns exceeded $74,788, their OAS pension for the July 2018 to June 2019 period is reduced by 15% of the excess. To figure out your precise OAS clawback amount, it’s helpful to use one of the many OAS calculators available online. As of 2020, only 8 per cent of OAS recipients experienced a clawback. Old Age Security. Dec 18, 2020 · The CRA taxes 15% for every dollar until it recovers the full OAS payment for the year. Even with carried-forward losses that offset gains, the calculation for the clawback is based on your gross income before adjustments. From grossing up to giving up. Find out the impact of OAS deferral in this case. Retirement earnings of $80,000 per year allow most people to live a Oct 28, 2020 · This is called the Old Age Security Pension Recovery Tax (or OAS Clawback). Let’s say your net income for 2019 was $85,000. 45 GIS) per month, for a single person age 65 to 74 . If planning for the future, amounts may be higher due to inflation. Other factors Oct 29, 2023 · The TFSA lifetime limit for those eligible since 2009 will be $95,000. Given his income ($90,000 for the year), Edwin believed his OAS benefit would be May 3, 2024 · The OAS clawback calculation in 2024 follows a simple two-step process: Identify the Excess Income: The first step involves determining the portion of your income that goes above the clawback threshold. Capital Losses Carried Forward Don't Reduce Clawbacks. If they both took their CPP early at age 60, they would each receive 64% of their calculated CPP, which would be $640 for the husband and $448 for the wife. $713. Date modified: 2024-01-23. $18,239. The OAS clawback threshold for 2020 is $79,054. Splitting of pension and other income, such as Registered Retirement Income Funds (RRIF), annuity payments, and CPP pension sharing between spouses, can lower individual income for either spouse and help them limit or avoid OAS clawbacks. For each dollar of income above the threshold, your OAS pension is reduced by 15 cents. 69. Nov 6, 2020 · OAS clawback 101. Mar 28, 2023 · From Jan to March 2023, you can receive a maximum of $687. $90,000 – $77,580 = $12,420, $12,420 x 15% = $1,863. The calculation is fairly simple. The results are not financial advice and are subject to change. or income properties is also added to the net world income calculation. This is an estimated calculation only. At 100k income you would only lose 1963 of the max 8292 OAS or 1. 35. The number to watch in 2020 is $79,054. Excluded from the threshold calculation are OAS benefits, CPP and Quebec Pension Plan death benefits, social assistance benefits and the first $3,500 of employment earnings. This tax amounts to 15% of the difference between the OAS clawback threshold amount and your actual income. At this point, the Dec 3, 2020 · The income level is $79,054 for 2020. Currently, the OAS increase for January to March 2022 is a benefit of $615. So simply subtract the clawback threshold from your total worldwide taxable income. Less than $137,331. 60, then $78. 75 monthly for the period of July 2020 through June 2021. 34 or $784. 00: Line 2: Line 1 minus line 2 (if negative, enter "0") $ Line 3: Line 3 multiplied by line 4: × 15%: Line 4: Enter the result on line 5. The top end of the threshold is $128,149. So there is a 2013 tax reduction of $2,167 ($6,021 at marginal rate of 36%) after the clawback provisions are applied. Of your income that is more than the minimum, there is a 15% clawback rate. The CRA’s pension recovery tax on OAS payments kicks in when a person’s net world income tops a minimum threshold. For information regarding the GIS amount for your specific income The net amount of any spouse's allowance and guaranteed income supplement (federal supplements) that you received in the tax year is shown in box 21 of your T4A(OAS) slip. Sep 22, 2023 · To avoid OAS clawback the solutions all require you to reduce your taxable income. A host of tax bracket thresholds will be updated for 2024: Mar 5, 2024 · The OAS clawback thresholds are quite high and increase annually. Feb 10, 2024 · The maximum non-deferred monthly OAS payment for those aged 65 to 75 in 2024 is $713. OAS is Feb 2, 2024 · The maximum monthly GIS amounts for individuals receiving the maximum OAS are (2024 amounts): Single/divorced/widowed $1,065. 15 of every dollar of worldwide taxable net income exceeding $86,912 for 2023. 47. It requires seniors to repay a portion or all of their OAS benefits if their annual income exceeds a certain threshold. Every dollar of income above that level up to $128,137 triggers a 15% OAS clawback. That is an estimate of the amount that must be repaid. Amount above threshold. If you Your Old Age Security pension amount is determined by: your age (65 or older) how long you have lived in Canada after the age of 18. 20 ($113. Above this threshold, the OAS recovery tax takes $0. Oct 4, 2019 · But if you’re a senior, be aware that the dividend gross-up can push you over the OAS clawback threshold. Oct 26, 2021 · TaxTips. The Canadian Retirement Income Calculator will provide you with retirement income information. The calculation is: (Total taxable income) – (income threshold) x 0. A reduction in RRSP funds can lead to a boost in OAS benefits. CANADA. For a more accurate assessment of your estimated benefits amount, please contact Service Canada. It shows how much Old Age Security you received the previous year. Your OAS clawback is recalculated based on the taxable income on your tax return. Aug 14, 2023 · OAS clawback rules are not considered. T4A (OAS), Statement of Old Age Security, detailed information on the amounts shown in the boxes of your T4A (OAS) slip. Canadians may elect to withdraw from their RRSP funds before the age of 65 if they pass through periods with low taxable income. Sudbury Tax Centre. That exceeds the 2019 minimum income threshold ($77,580) by $7,420. May 17, 2020 · However, it can help to avoid the OAS clawback. 1. Q. As of 2022, the OAS clawback threshold is set at $79,845 CAD. (15/100) x ($4 046) = $606. 5% after tax. For the 2022 tax year, the minimum income recovery level is $81,761 and the maximum income recovery threshold is $133,141. To estimate your retirement incomes from various sources, you will need to work through a series of modules. You can get up to 10/40 of the full pension if you live in Canada when you receive the pension and if you lived in Canada for a minimum of 10 years after your 18th birthday. 43 . Canada (current) United States Asia Pacific. You may have to repay OAS benefits (see line 23500) if the result of the following calculation is more than $86,912: This toolkit explains Canada’s Old Age Security (OAS) program and its benefits, which include the Old Age Security pension, the Guaranteed Income Supplement, the Allowance and the Allowance for the Survivor. This calculator is intended to be used for planning purposes. Aug 1, 2010 · Pensioners with an individual net income above $66,733 must repay part or, in some cases, the entire maximum OAS pension amount. Then, multiply the sum by 0. Feb 28, 2024 · The average amount of recovery tax paid was $3,500 in 2020, down from between $3,600 to $3,700 for the previous four years. The claw back starts at around 80k, give or take, and goes up Oct 30, 2023 · A person who moves to Canada in middle age won’t be entitled to the maximum Old Age Security pension. Avoid mutual fund purchases near the end of the year. You’ll have to repay OAS benefits at a rate of 15% for every dollar you earn above this threshold up to $134,626 ($137,331 if you’re over the age of 75). For July to September 2023, the maximum combined monthly payment from OAS plus GIS is $1,742. So, if someone Nov 20, 2020 · OAS clawback rules. Old Age Security benefit rates are updated quarterly to reflect changes to the cost of living. 60 OAS + $1,043. 67 if their income from the previous year is below the clawback threshold. Assuming you’re over 65 and expecting to have an income of $80,500 in 2020, you’ll be losing some of your OAS, because your income is over the threshold of $79,054 by $1,446. May 24, 2024 · The OAS clawback threshold for 2023 is $86,912. Managing investment income, exploring pension plans, and implementing tax planning Oct 26, 2023 · In the 2023 tax year, the OAS clawback threshold is $86,912. For example: The limit is $86,912 Anyone with a minimum of 10 years of residence in Canada after reaching age 18 is entitled to receive an OAS payment. Once net world Feb 8, 2024 · The OAS clawback reduces your OAS pension if your net income exceeds the clawback threshold. Couple, spouse receives full OAS: $641. Nov 21, 2022 · The clawback amount for OAS in 2022 is $81,761. Feb 17, 2021 · The figure to watch for the recovery tax period July 2020 to June 2021 is $79,054, or the minimum income recovery threshold. If your income in 2023 was $96,000, then your repayment would be 15% of the difference between $96,000 and $86,912: $96,000 – $86,912 = $9,088. The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older. This repayment, which is normally deducted from the monthly payments before they’re issued, is referred to as the OAS clawback. It kicks in if your net annual income (line 234 on your income tax return) is above a threshold amount ($79,054 for 2020). For every dollar of income above that threshold (which is Once individual income crosses a threshold ($79,054 in 2020), OAS benefits are reduced by 15% for each extra dollar of income. Determining your personal clawback threshold based on income is essential to minimize any potential loss of OAS benefits. The amount of the pension recovery tax About the results. China Hong Kong Indonesia Dec 12, 2023 · OAS Clawback Calculation. ( $18,239 x 15. It’s based on how many years you’ve been a resident of Canada regardless of whether you paid into it or not, unless you made too much money in which case the OAS will be clawed back. $ Line 5: OAS pension and net federal supplements received from line 11300 of your return $ Line 6: OAS benefits overpayment recovered in 2023 (see line 23200)-Line 7 Jan 5, 2024 · The partial pension. Mar 14, 2018 · Clawback results in your OAS pension for the subsequent year, paid between July 2019 and June 2020, being reduced by 15 cents for every dollar your net income exceeds the $75,910 threshold. So, although OAS is a taxable benefit, and is included as income on a tax return, it is excluded from GIS clawback calculations. $9,088 x 0. To receive the OAS your annual net world income in 2022 must be. The minimum threshold in 2020 is $79,054. Less than $134,626. So, if you earned $90,000 in 2022, your OAS payment will reduce by $1,235. At that point, every extra dollar in income triggers a 15 cent clawback on the following year’s OAS pension. For 2024, clawback begins once an individual’s net taxable income is $90,997 and, depending on age, isn’t fully clawed back Dec 18, 2020 · The CRA taxes 15% for every dollar until it recovers the full OAS payment for the year. Oct 27, 2020 · The CRA implements a pension-recovery tax, or clawback, on OAS when net world income gets too high. Use On this page to help you browse and see Once individual income crosses a threshold ($79,054 in 2020), OAS benefits are reduced by 15% for each extra dollar of income. Every dollar of your net income that’s more than this ceiling is subject to a 15% clawback. ADVERTISEMENT. AltaRed said: The issue is not to take OAS away. You are required to pay back $1,863 of your OAS pension. Mar 22, 2024 · The clawback is triggered for the 2023-2024 OAS pay period if your net income for 2022 exceeds $81,761. 65 to 74. The OAS clawback threshold for July 2023 June 2024 period is a 2022 net income of $81,761. 15. Calculated during tax filing, a recovery tax is withheld as an advance on income tax. Therefore, your clawback would be 15% of that amount, which is $1,113 annually or $92. Delaying your CPP payments. 60*Monthly OAS payment reduction = $1,686. I refer to these limits as the clawback floor ($77,580) and the Oct 29, 2023 · The TFSA lifetime limit for those eligible since 2009 will be $95,000. This includes the Old Age Security (OAS) pension and Canada Pension Plan (CPP) retirement benefits. So, a retiree who reports income of $99,845 in 2021 will see OAS payments reduced by $3,000 in the July 2022 to June 2023 period. Of course, capital gains caused my 2020 income to increase to beyond the bottom threshold for OAS recovery. In accordance with the Income Tax Act , if your net income before adjustments (line 23400 on the tax return) exceeds $81,761 (for 2022), you may have to repay part Select a location Americas. This calculator includes the same taxes and tax credits as the detailed Canadian Tax Calculator. At this point, your benefits disappear entirely. The government will deduct $0. A taxpayer must repay OAS at a rate of 15% of income exceeding this threshold. 20. #34 · May 9, 2024. For 2010, the full OAS pension is eliminated when a pensioner’s net income is If, as in the above example, the clawback amount for 2016 was $936. Mar 5, 2024 · Canadians overestimate the likelihood and amount of their OAS clawback exposure. 75 and over. ca - 2020 Quebec income tax and RRSP savings calculator - excellent tax planning tool - calculates taxes, shows RRSP savings, includes most deductions and tax credits. You will then need to compare them to your goal income. Date modified: 2024-02-19. Jan 10, 2020 · For the 2020 tax year, the OAS clawback – formally known as the OAS pension recovery tax – kicks in when net income reaches $79,054. 60 per month) for the July 2024 – June 2025 period. Beyond this threshold, OAS pension will be reduced by 15% until it is completely eliminated. For instance, if your total income for the year is $100,000, you’d subtract the The age amount tax credit and clawback are calculated by the Detailed Tax and RRSP Savings Calculator. However, it’s also possible, especially where a senior is living on investment returns from savings, or wages from part-time employment, that fluctuations in income can occur. This 15% clawback works like a tax rate. Once your net income crosses this level, the government can tax 15% for every additional dollar of your income. Spreading capital gains over multiple years. The Old Age Security pension is reviewed in January, April, July and October to reflect increases in the cost of living as measured by the Each February, we send you an income statement – your T4-OAS or NR4-OAS to help you file your income tax return. A host of tax bracket thresholds will be updated for 2024: OAS and GIS Payment Amounts. 60 / 12 = $140. As a result, a retiree could quite easily hit the minimum threshold for the OAS For every $1 of net income above , the maximum OAS pension is reduced by 15 cents. Your post-retirement income is assumed to start at retirement. 56 per month in your OAS pension if you’re between 65 to 74 years old. Jun 30, 2015 · So the additional amount owing is $3,854 – not the clawback amount of $6,021! For the benefit of math/tax geeks like me, the reason for this is that the OAS clawback is a deduction from income. The clawback rate is 15% on the portion of your income that exceeds the minimum threshold. You may have to repay OAS benefits (see line 23500) if the result of the following calculation is more than $86,912: Multiply the answer by 15%. Report this amount on your Quebec provincial return. The OAS clawback is calculated based on a formula that determines the repayment amount owed by the individual. The toolkit will help you find out if you are eligible for these benefits and how to apply. 05 ($936. Couple, spouse does not receive OAS or allowance: $1,354. Aug 2, 2011 · The GIS is an additional amount provided to OAS recipients whose incomes are beneath a certain threshold. The total is $1,811. This is because the Sep 25, 2019 · After all, OAS is famously clawed back by 15 cents for each dollar that your net income exceeds a certain annual threshold and is entirely clawed back when it reaches another. This calculation is easy. . Sep 14, 2021 · OAS clawback applies in 2021 for those whose net income on line 23600 of their tax return exceeds $79,845. For OAS in 2022, the clawback starts from income of $81,761. The OAS clawback threshold is adjusted annually and is based on the income level at which OAS benefits are fully phased out. 60 ÷ 12) will be deducted from each OAS payment starting in July 2017. 34. The Tax Shield is not included in the calculation. The OAS clawback threshold will increase to $90,997 (up from $86,912 in 2023). For example, if my relative had an income of $75 000 in 2013 due to the capital gain, she would calculate: $75 000 – $70 954 = $4 046. ek we vu se zn lg hp oe yv cg