3% Itemized Deduction Phaseout Rule - jordan high heels

Beginning in 2006, the overall limit on certain itemized deductions was gradually eliminated foamposites for sale. Under this phaseout rule, the limit on itemized deductions was reduced by one-third in 2006 and will be reduced by one-third in 2007 so that the 3% phaseout is reduced to 2%.

In 2008 and 2009, the 3% phaseout will be reduced to 1% australia luxe shoes . The reduction will be eliminated in 2010.

For 2007, the amount you can claim as a deduction for exemptions is reduced once your adjusted gross income (AGI) goes above a certain level for your filing status Hyperdunk 2012. The threshold is indexed annually for inflation.

These levels are as follows:FILING STATUS AGI THRESHOLDMarried filing separately - $117,300 jordan high heels. Single - $156,400.

Head of household -$195,500. Married filing jointly - $234,600. Qualifying widow(er) - $234,600You must reduce the dollar amount of your exemptions by 2% for each $2,500, or part of $2,500 ($1,250 if you are married filing separately), that your AGI exceeds the amount shown above your filing status. However, you can lose no more than 2/3 of the dollar amount of your exceptions. In other words, each exemption cannot be reduced to less than $1,133.You may ask, "Am I subject to this limit" The IRS deems you subject to the limit on certain itemized deductions if your adjusted gross income (AGI) is more than $156,400 ($78,200 if you are married filing separately). Your AGI is the amount on Form 1040, line 38.