Itemized Deductions and Limitations Flashcards
What are the percentages for Social Security and Medicare?
Social Security - 14.9%
Medicare - 2.9%
Medical Expenses
in excess of 7.5% of AGI
Under QR SUPORT Test, what is the gross income limitation for 2024?
$5,050
Nontaxable Fringe Benefits
How much life insurance, can you exclude from gross income?
Up to $50,000
Nontaxable Fringe Benefits
How much educational expenses, can you exclude from gross income?
$5,250
Nontaxable Fringe Benefits
How much dependent care assistance, can you exclude from gross income?
Up to $5,000
Contributions
Maximum roth contribution?
$7,000 + $1,000 additional “catch up” if taxpayer(s) does not exceed $161,000 ($240,000 MFJ)
What is the itemized deduction?
State, Local, and Foreign Taxes
(SALT)
$10,000
Home Mortgage Interest
Up to $750,000 indebtedness
What is the itemized deduction?
Investment Interest
Up to taxable investment income
What is the itemized deduction?
Charitable Contributions
Cash Contributions - 60% of AGI
Ordinary Income Property - 50% of AGI
Long-Term Capital Gain Property - 30% of AGI
What is the itemized deduction?
Casualty Losses
$100 and 10% of AGI
What is the itemized deduction?
Gambling Losses
Up to gambling winnings
What is the itemized deduction
Net Capital Loss Deduction and Loss Carryover Rules
For Individual Taxypayers Maximum of $3,000
For C corporations losses are not deductible but carried back 3 years and forward 5 years
A U.S. Resident is subject to the …% for net investment income tax
3.8%
State and local tax refunds are taxable if you…
Itemized in the prior years
State and local tax refunds are nontaxable if you…
Took the standard deduction in prior years
Standard Deduction
Single/Married Filing Separately
$14,600
Standard Deduction
Married Filing Jointly
$29,200
Standard Deduction
Head of Household
$21,900
Additonal Standard Deductions
65+ or blind
One qualified taxpayer
$1,950 (Single)
$1,550 (MFJ)
Additional Standard Deductions
Both 65+ and blind
One qualified taxpayer
$3,900 (Single)
$3,100 (MFJ)
Additional Standard Deductions
65+ or blind
Both 65+ and blind
qualified two taxpayers
$3,100
$6,200
A qualified appraisal for real property donations are required to be attached to a tax return for property values of?
$5,000 or more
Written acknowledgement is required for donations of?
$250 or more
What is the maximum deduction?
Business gifts
$25 per recipent
