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xBRIANx's avatar

Doing my 2010 taxes... My Gross income is $48,000, what (if any) are my total Itemized Deductions limit?

Asked by xBRIANx (242points) February 18th, 2011

My H&R block software has calculated my total itemized deductions at $24,400. That’s $14,000 in mortgage interest + $4,200 state & local taxes + $4,400 charitable contributions + $1,800 medical expenses. However, my refund isn’t changing even if the $24,400 total goes up or down 5k. There must be some cap on this.

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5 Answers

gailcalled's avatar

The medical expenses are deductable only after the 7.5% of AGI is reached.

Thus, 7.5% of 48,000 = $3600. Since your $1800 is less than that, it doesn’t count. (Unless H &R Block has done that already. Did you have $5400 gross medical expenses?

xBRIANx's avatar

@gailcalled, yes my original medical expenses were $5400.

gailcalled's avatar

An honest accountant, apparently. I am not sure I understand what you are asking, then.

$24,400 taxble income is pretty low, isn’t it?

robmandu's avatar

I think @gailcalled is on to something by focusing on the individual item limits.

IRS.gov says: For 2010, the overall limit on itemized deductions has expired. Under current law, the limit on itemized deductions will resume in 2011 at pre-2006 levels.

xBRIANx's avatar

All I know is that if I change my itemized deductions from $24,400 to $19,400, my federal refund does not change one cent. Why? I even changed my itemized deductions to $14,400 and my refund does not go down. It’s only when I’m around $13,000 in itemized deductions, my refunds starts to lower. Why? I mean, what if I gave an additional $10,000 to the American Cancer Society, I can’t write off anything on my taxes?

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