Itemized tax deductions?

Question

What is the normal percent of annual income that itemized deductions should not exceed. Thanks.

Answer 1

I think your asking for an average amount? So you don't get in trouble with the IRS? So you can plug in a number off the top of your head and not have to go through the trouble of adding up receipts? Hmm. I don't know.

You can deduct ALL your deductibles no matter how much. BUT. You better be able to prove you paid!

Answer 2

generic deduction in simple terms skill you're keen to settle for an regularly occurring quantity to your deductions particularly than checklist them one by one. Yoy get an avearage charity deduction, an regularly occurring atx deduction, and regularly occurring playing loss deduction and so on. some would be bigger than your specidfic fees, and a few would be lowere even though it averages out. in case you itemize in 2009 and declare say $3000 state tax on the grounds that became withheld, then you definately get a reimbursement of $500 from the state., you will owe tax on that $500. I fyou took the standar deduction you often happening the common quantity fro state taxes and the IRS accepts it too so no rely your withholding or taxes,you do no longer owe naything greater advantageous.

Answer 3

Itemized deductions begin to be phased out when your adjusted gross income is above 150,500(married jointly) and is reduced by 2 percent of any amount over the threshold. However only 80 percent of your deductions can be reduced so you can have at minimum 20 percent of your deductions.

Also if you have charity contributions of more that 50 percent of your adjusted gross income then they will have to be moved to next year.

Answer 4

You can claim whatever you actually paid and can prove. No more than that. "Average" doesn't mean anything in this regard. I'd guess that Bill Gates' legitimate itemized deductions would be somewhat higher than mine. ;-}