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Author: marlenus Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: cap on itemized deductions? Date: 4/15/2001 1:17 PM
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Merry Easter! I'm trying to figure out whats going on with my Sched A itemized deductions and I'm somewhat confused. I do exceed the 128,950 AGI figure, so they are adjusted, but looking thru how the computations are done for that, it does appear its only an adjustment, not a cap.

I'm using turbotax and playing around with my deduction figures, but it appears no matter what I do, any deductions over $25K or so don't reduce my lax liability one iota. If thats the case, I'm just trying to figure out why, and if there's any point in itemizing anything beyond once I hit that figure.

I've been reading thru all the fool articles relating to itemized deductions this morning and it appears the tax I owe SHOULD still be reduced beyond that point, just that it would be adjusted somewhat. I have to make the assumption turbotax knows what it's doing (though I've printed out all the forms and have tried to follow along step by step) but I'm at a loss now. Any pointers would be greatly appreciated. Thanks.
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