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Retirement tax questions
Yes, the 2% applies to the total income. And you can only claim the amount that is OVER 2%--so if you say your 2% is $2040, only the amount of job-related expenses over $2040 count toward anything. Your prescription glasses that cost $1803 are a medical expense. That also has a very tough threshold to meet. The amount of medical expenses that will count toward itemization for someone under 65 is the amount that is OVER 10% of your adjusted gross income; for someone 65 or older it would be the amount over 7.5% of your AGI.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
May 31, 2019
11:35 PM