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Itemized Deductions Schedule-A


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Old 03-10-2011, 03:11 PM
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Red face 2010 phase out of exemptions for high AGI

For 2010, do tax payers with high adjusted gross income, still have to phase outs for exemptions and itemized deductions?



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Old 03-12-2011, 07:00 AM
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“For 2010, do tax payers with high adjusted gross income, still have to phase outs for exemptions and itemized deductions?”----> The Tax Relief Act phases out the restrictions on personal exemptions and overall limitation on itemized deductions for all taxpayers by 2010 according to the following schedule:reduced by 1/3 in taxable years beginning in 2006 and 2007.reduced by 2/3 in taxable years beginning in 2008 and 2009.eliminated for taxable years beginning in 2010. Unless the new Congress changes the law, you should get your full itemized deductions back in 2010.



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