ITEMIZED DEDUCTION PHASEOUTS:
Married Joint/Surviving Spouse:
- Year 2014: $305,050
- Year 2015: $309,900
Head of Household:
- Year 2014: $279,650
- Year 2015: $284,050
Single:
- Year 2014: $254,200
- Year 2015: $258,250
Married/Separate:
- Year 2014: $152,525
- Year 2015: $154,950
A taxpayer's itemized deductions are reduced by the lessor of:
- 3% of the excess AGI over the threshold amount; or
- 80% of the itemized deductions otherwise allowable
Certains items, such as medical expenses, investment interest expenses, and casualty, theft, or wagering losses, are excluded