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Deductions & credits
Thanks for the reply. Clarification, please: What's gone? The entire deduction or the 2% of AGI adjustment?
I have pulled up the entire bill (TCJA) and am reviewing Section 11045 regarding itemized deductions. Is this what you're referring to?
"SEC. 11045. SUSPENSION OF MISCELLANEOUS ITEMIZED DEDUCTIONS.
(a) IN GENERAL.—Section 67 is amended by adding at the
end the following new subsection:
‘‘(g) SUSPENSION FOR TAXABLE YEARS 2018 THROUGH 2025.—
Notwithstanding subsection (a), no miscellaneous itemized deduc-
tion shall be allowed for any taxable year beginning after December
31, 2017, and before January 1, 2026.’’
Ouch.
October 16, 2024
8:39 AM