Tax Topic

Itemized deductions and Exemptions Phase outs Are Back

Itemized deductions and personal exemptions are again phased out depending on overall income. Itemized deductions are phased out by 3% of the excess of Adjusted Gross Income (AGI) over $311,300 for joint filers and $259,400 for single filers. The overall phase out amount cannot be more than 80% of the total itemized deductions.

The itemized-deductions phase-out does not apply to medical expenses, investment interest expense, non-business casualty losses, or gambling losses.

The per-person $4,050 exemption phases out as well: starting at:

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