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QUICK TAX FACTS
ITEMIZED DEDUCTIONS
Form 1040, Schedule A
EGTRRA TAX LAW 2001 CHANGES EFFECTIVE 2006
For tax years beginning after 1990, itemized deductions are limited if the adjusted gross income (AGI) exceeds certain thresholds.
Reduction factor:
3%
2006 AGI threshold 1
$150,500
Reduce total itemized deductions by lesser of:
- 3% of AGI in excess of threshold
- 80% of total itemized deductions excluding: medical, dental, investment interest, casualty or theft losses, gambling losses, and certain cash/check gifts 2
Notes:
1 Married filing separately: $75,250
2 For details, refer to Schedule A instructions
The information provided in this "Quick Tax Facts" section is intended as a general guideline only. For the most detailed and up-to-date information, contact us at 518-783-7200, or visit www.irs.gov.
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