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%
