Medical Expenses are deductible only to the extent they exceed 10 of AGI Below

Medical expenses are deductible only to the extent

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Medical Expenses are deductible only to the extent they exceed 10% of AGI Below the line Deductions Below-the-line deductions include the greater of itemized deductions or standard deduction (40 on Form 1040) Itemized Deduction A partial list of itemized deductions includes; o Medical expenses in excess of 10% of AGI o Certain taxes and interest o Charitable contributions o Casualty Losses in excess of 10% of AGI Standard Deduction The standard deduction is a sum of two components o Basic standard deduction Amount allowed is based on taxpayer’s filing status o Additional standard deduction Available for taxpayers who are age 65 & over or blind Two additional standard deductions are allowed for a taxpayer who is 65 and blind `Certain taxpayers cannot use the SD (can use itemized deduction) o Married, filing separately, when either spouse itemizes deductions o Nonresident aliens SD Limit for Person Claimed as Dependent Individual claimed as dependent has a BSD in 2014 limited to the greater of 1,000 or 350 plus earned income ASD amount(s) still available Personal and Dependency Exemptions
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  • Fall '14
  • fabioambrosio
  • Accounting, Taxation in the United States, spouse, Individual Retirement Account

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