What is the itemized deduction limitation?

Answer by  stinkymess (310)

All tax deduction limitation is based on your salary. Unless you are making nearly $200 thousand dollars a year you do not have to worry about it.

Answer by  Gabriel (2146)

If your adjusted gross income is more than $166,800 or $83,400 if you are married filing separately, your deductions are limited. Some deductions are exempt from this.

Answer by  Att4372 (1704)

Lower limits: Single is 5700, Head of Household is 8350, Married Joint is 11,400. High limits If you income exceeds AMT levels, itemized deductions are reduced by a sliding percentage.

Answer by  hyperkid (470)

The itemized deduction limitation is what you are limited to with an overall total or threshold amount. Like healthcare and charity.

Answer by  mufesh (7)

Itemized deductions are sometimes emited to acertain threshld amound. And your overall total itemized deductions may be limited. Here re the limitations you need to be aware of.