2007 and 2008 Itemized Deduction Limits

Limit on itemized deductions increases

Your deductions are capped once your income exceeds specified levels.

If your adjusted gross income is above a certain amount, you may lose part of your itemized deductions.

It may be a pain, but that's how the tax code works.

In 2007, this amount was $156,400 for married couples or single taxpayers. The threshold moved to $78,200 for a married spouse filing separately. That's was up from $150,500 and $75,250 in 2006.

In 2008, these amounts rose to $159,950 and $79,975, respectively.

And in 2009, the limits rise to $166,800 and $83,400, respectively.

If you want more information, see Publication 17 for more information on figuring the amount you can deduct. You may need to contact the IRS if the data you seek is not available.

Publication 17 is full of loads of information for taxpayers.

Published April 15, 2009

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