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Earn too much and your itemized deductions are limited

If your AGI exceeds $300,000 for joint filers and $250,000 for individuals, indexed for inflation.  Income over the applicable amount will trigger an itemized deduction limitation that is the lesser of (a) 3% of the adjusted gross income above the applicable amount, or (b) 80% of the amount of the itemized deductions otherwise allowable for the taxable year.




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