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Financial Planning / Tax Strategies


Subject:  Re: cap on itemized deductions? Date:  4/15/2001  8:37 PM
Author:  marlenus Number:  50305 of 133235

yes, i am being hit with AMT ($1629 unfortunately... oops) but the deductions im looking at are well over the 2% floor. AGI is around 133K. basically i have about $40,000 in misc sched A deductions (charity, home office, legal, unreimbursed employee expenses), but any amount over $23,210 doesnt change anything (i just played with the numbers to figure out where it stopped making a difference). If I drop below that figure, then the tax owed starts going up, it just appears once I reach that magic number, additional deductions don't appear to count for anything. Thanks for any ideas you might have, I thought I'd be able to do this myself and so far I haven't done badly, but I like to understand what it is that I'm doing and can't find the explanation for this one thing, and to me it seems like a big thing. If I can find it out here, great! If not, I'll just file for an extension and try and find a CPA who has some time available after this week.
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