Sch. A- Itemized Deductions

Question 1

Phase-Out of Itemized Deductions

Answer 1

$309,900 MFJ or QW
$284,050 HOH
$258,520 Single
$154,950 MFS

Above these amounts, itemized deductions is reduced by the lesser of 3% of excess of AGI over threshold amounts shown above
or 80% of the itemized deductions subject to limit.

Limit does not apply to med exp, inv interest, nonbus casualty losses, gambling losses.

Question 2

Medical expenses- credit card charge

Answer 2

Med expense is deductible when charged, not when CC company is paid.

Question 3

Decedents

Answer 3

Can deduct med expenses paid by decendent’s estate within one year of date of death on decedent’s final Form 1040.

Question 4

A capital expenditure can qualify as a deductible medical expense if…

Answer 4

main purpose of expense is to provide medical benefits.

Question 5

qualifying capital expenditure examples

Answer 5

Central air when a family member suffered from respiratory ailments.
Swimming pool for therapy.
Air purifier, humidifier, house, and A/C prescribed by allergist.
Modified hallways, ramps, railing, support bars, kitchen modifications to accommodate the physical handicap.

Question 6

qualified LT-care and expenses

Answer 6

diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative expenses for chronically ill individuals.

Services deducted only by caregiver or relative licensed to provide such services.

Question 7

payments made for future medical care- deductible?

Answer 7

Only if purchased in connection w/obtaining lifetime care.

Question 8

election to deduct sales tax

Answer 8

Can deduct either:
Actual sales tax amounts based on records
Predetermined deduction figures from IRS tables.

Question 9

election to deduct sales tax from purchased vehicles

Answer 9

Deduct the lower of sales tax rate on vehicle and general rate.

Also, add sales taxes paid on boats, airplanes, homes, or home building materials if the rate was the same as the general sales tax rate.