![]() Keep in mind that the floor for medical expenses remains 10% of adjusted gross income (AGI) for most taxpayers. ![]() (You can read more about the Pease limitations and how they affect affluent taxpayers here.) They do not apply to medical expenses, investment expenses, gambling losses and certain theft and casualty losses. Pease limitations apply to charitable donations, the home mortgage interest deduction, state and local tax deductions and miscellaneous itemized deductions. 80% of the amount of itemized deductions otherwise allowable for the tax year.3% of AGI above the applicable threshold or.If the Pease limitations apply, the total of all your itemized deductions is reduced by the lesser of: Don Pease (D-OH) may cap or phase out certain deductions for high income taxpayers. The additional standard deduction amount is increased to $1,550 if the individual is also unmarried and not a surviving spouse.įor those taxpayers who itemize their deductions, the Pease limitations, named after former Rep. For 2016, the additional standard deduction amount for the aged or the blind is $1,250.
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