(You can read more about the Pease limitations and how they affect affluent taxpayers here.) ![]() They do not apply to medical expenses, investment expenses, gambling losses, and certain theft and casualty losses. ![]() Pease limitations apply to charitable donations, the home mortgage interest deduction, state and local tax deductions and miscellaneous itemized deductions. 80% of the amount of itemized deductions otherwise allowable for the tax year.3% of AGI above the applicable threshold or.If the Pease limitations apply, the total of all your itemized deductions is reduced by the lesser of: Don Pease (D-OH) may cap or phase out certain deductions for high-income taxpayers. The additional standard deduction amount is increased to $1,550 if the individual is also unmarried and not a surviving spouse.įor 2017, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of (a) $1,050 or (b) $350 + the dependent's earned income.įor those taxpayers who itemize their deductions, the Pease limitations, named after former Rep. ![]() For 2017, the additional standard deduction amount for the aged or the blind is $1,250.
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