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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4491
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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Is itemized deduction limited for individuals with high in

Resolved Question:

Is itemized deduction limited for individuals with high income?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Lane :

Hi,

Lane :

The limitation applies to taxpayers with AGI over a threshold amount: $250,000 (single), $300,000 (married filing jointly), $275,000 (head of household), or $150,000 (married filing separately). Basically, deductions are reduced by 3% of the amount by which AGI exceeds the threshold. However, deductions for medical expenses, investment interest, casualty and theft losses, and gambling losses are not subject to the limitation. And you can't lose more than 80% of the itemized deductions that are affected.

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)

Lane :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Lane :

Let me know if you need anything else at all on this.



Lane

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4491
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 2 other Tax Specialists are ready to help you
Expert:  Lane replied 1 year ago.

Hi Anton,

... just checking back in here, as I never saw you into the chat.

Also, the AMT (Alternative minimum tax), is another thing that can impose extra costs on higher income earners.

Let me know if you have any other questions on the itemized deduction phaseout.

Lane

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Lane
Lane
JD, MBA, CFP, CRPS
3630 Satisfied Customers
Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986