Yes. Here are the key lines in your post.
- (2) Limitation based on adjusted gross income. (Not the overtime)
- (A) In general.—The amount allowable as a deduction under subsection (a) (after application of paragraph (1)) shall be reduced (but not below zero) by $100 for each $1,000 by which the taxpayer’s modified adjusted gross income exceeds $150,000 ($300,000 in the case of a joint return).“
This follows the formula used in the example. In the example the AGI has eliminated any deduction for tips. The math is computed on the AGI and not the overtime itself. The overtime deduction is eliminated based on the formula that must be used.
@Anthonyfru
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