New Median Income Numbers

[JoeBankrupt33]

Based on history, the median income numbers should update soon (sometime in Feb or March). This update is based on the average change in consumer price index from 2008 to 2009.

Anyhow, this is the first year that we've had deflation since 1955. Fortunately it wasn't much, but the median income numbers should drop 0.356%. So, take your applicable median now and multiply it by 0.99644 to get the soon-to-be median.

This should not affect many people, but if you are right on the line, you may want to file soon.

[Overmihead]

Thanks for this info!

Last 6 months of income prior to filing is what is looked at...averaged and multiplied by 12, right? I hope I've been crunching our numbers correctly.

[JoeBankrupt33]

Yes, it's the last 6 months. To be more clear, it is the 6 months ending the month before you file. So, if you file on Feb 15, the 6 months is Aug 1, 2009 to Jan 31, 2010.