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2012 tax Publication 598 - Additional Material Prev Up Next Home More Online Publications
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The 2012 Tax
2012 tax 29. 2012 tax Limit on Itemized Deductions Table of Contents Introduction Useful Items - You may want to see: Are You Subject to the Limit? Which Itemized Deductions Are Limited? Which Itemized Deductions Are Not Limited? How Do You Figure the Limit?Example. 2012 tax Introduction This chapter discusses the overall limit on itemized deductions on Schedule A (Form 1040). 2012 tax The following topics are included. 2012 tax Who is subject to the limit. 2012 tax Which itemized deductions are limited. 2012 tax How to figure the limit. 2012 tax Useful Items - You may want to see: Forms (and Instructions) Schedule A (Form 1040) Itemized Deductions Are You Subject to the Limit? You are subject to the limit on certain itemized deductions if your adjusted gross income (AGI) is more than $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. 2012 tax Your AGI is the amount on Form 1040, line 38. 2012 tax Which Itemized Deductions Are Limited? The following Schedule A (Form 1040) deductions are subject to the overall limit on itemized deductions. 2012 tax Taxes paid—line 9 Interest paid—lines 10, 11, 12, and 13 Gifts to charity—line 19 Job expenses and certain miscellaneous deductions—line 27 Other miscellaneous deductions—line 28, excluding gambling and casualty or theft losses. 2012 tax . 2012 tax Which Itemized Deductions Are Not Limited? The following Schedule A (Form 1040) deductions are not subject to the overall limit on itemized deductions. 2012 tax However, they are still subject to other applicable limits. 2012 tax Medical and dental expenses—line 4. 2012 tax Investment interest expense—line 14. 2012 tax Casualty and theft losses of personal use property—line 20. 2012 tax Casualty and theft losses of income-producing property—line 28. 2012 tax Gambling losses—line 28. 2012 tax How Do You Figure the Limit? If your itemized deductions are subject to the limit, the total of all your itemized deductions is reduced by the smaller of: 80% of your itemized deductions that are affected by the limit. 2012 tax See Which Itemized Deductions Are Limited , earlier, or 3% of the amount by which your AGI exceeds $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. 2012 tax Before you figure the overall limit on itemized deductions, you first must complete Schedule A (Form 1040), lines 1 through 28, including any related forms (such as Form 2106, Form 4684, etc. 2012 tax ). 2012 tax The overall limit on itemized deductions is figured after you have applied any other limit on the allowance of any itemized deduction. 2012 tax These other limits include charitable contribution limits (chapter 24), the limit on certain meal and entertainment expenses (chapter 26), and the 2%-of-adjusted-gross-income limit on certain miscellaneous deductions (chapter 28). 2012 tax Itemized Deductions Worksheet. 2012 tax After you have completed Schedule A (Form 1040) through line 28, you can use the Itemized Deductions Worksheet in the Instructions for Schedule A (Form 1040) to figure your limit. 2012 tax Enter the result on Schedule A (Form 1040), line 29. 2012 tax Keep the worksheet for your records. 2012 tax You should compare the amount of your standard deduction to the amount of your itemized deductions after applying the limit. 2012 tax Use the greater amount when completing Form 1040, line 40. 2012 tax See chapter 20 for information on how to figure your standard deduction. 2012 tax Example. 2012 tax For tax year 2013 Bill and Terry Willow are filing a joint return on Form 1040. 2012 tax Their adjusted gross income on line 38 is $325,500. 2012 tax Their Schedule A itemized deductions are as follows: Taxes paid—line 9 $17,900 Interest paid—lines 10, 11, 12, and 13 45,000 Investment interest expense—line 14 41,000 Gifts to charity—line 19 21,000 Job expenses—line 27 17,240 Total $142,140 The Willows’ investment interest expense deduction ($41,000 from Schedule A (Form 1040), line 14) is not subject to the overall limit on itemized deductions. 2012 tax The Willows use the Itemized Deductions Worksheet in the Schedule A (Form 1040) instructions to figure their overall limit. 2012 tax Of their $142,140 total itemized deductions, the Willows can deduct only $141,375 ($142,140 - $765). 2012 tax They enter $141,375 on Schedule A (Form 1040), line 29. 2012 tax Prev Up Next Home More Online Publications