topic What is the 2% rule? in Tax topics https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-2-rule/01/26650#M6489 <P>The 2% rule referred to the limitation on certain miscellaneous itemized deductions, which included things like unreimbursed job expenses, tax prep, investment, advisory fees, and safe deposit box rentals.</P> <P>In 2017 and earlier tax years, wage-earners and other taxpayers who weren’t able to write these off as business expenses were allowed to deduct the portion of these miscellaneous expenses that exceeded 2% of their AGI, provided they took the itemized deduction. These miscellaneous expenses were reported on Form 2106.</P> <P>Under the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017, the deduction for these 2% miscellaneous expenses has been suspended in tax years 2018 through 2025. However, this doesn’t affect:</P> <UL> <LI>Self-employed individuals and businesses who can continue to deduct business-related expenses on Schedule C as before</LI> <LI>People who work in one of these specific professions or situations <UL> <LI>Armed Forces reservist</LI> <LI>Qualified performing artist</LI> <LI>Fee-basis state or local government official</LI> <LI>You're disabled and have impairment-related expenses</LI> </UL></LI> </UL> <P>Your <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/can-employees-deduct-any-job-related-expenses/00/25783" target="_blank">job-related expenses</A> may still be allowed on your state return. Enter your expenses and we’ll figure out if you can deduct them.</P> <DIV class="ISH_relatedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://ttlc.intuit.com/community/tax-reform/help/which-federal-tax-deductions-have-been-suspended-by-tax-reform/00/25565" target="_blank">Which federal tax deductions have been suspended by tax reform?</A> </LI> </UL> </DIV> Wed, 23 Dec 2020 16:22:36 GMT TurboTax Help 2020-12-23T16:22:36Z What is the 2% rule? https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-2-rule/01/26650#M6489 The 2% rule referred to the limitation on certain miscellaneous itemized deductions, which included things like unreimbursed job expenses, tax prep, investment, advisory fees, and safe deposit box rentals. In 2017 and earlier tax years, wage-earners and other taxpayers who weren’t able to write these off as business expenses were allowed to deduct the portion of these miscellaneous expenses that exceeded 2% of their AGI, provided they took the itemized deduction. These miscellaneous expenses were reported on Form 2106. Under the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017, the deduction for these 2% miscellaneous expenses has been suspended in tax years 2018 through 2025. However, this doesn’t affect: Self-employed individuals and businesses who can continue to deduct business-related expenses on Schedule C as before People who work in one of these specific professions or situations Armed Forces reservist Qualified performing artist Fee-basis state or local government official You're disabled and have impairment-related expenses Your job-related expenses may still be allowed on your state return. Enter your expenses and we’ll figure out if you can deduct them. Related Information: Which federal tax deductions have been suspended by tax reform? Wed, 23 Dec 2020 16:22:36 GMT https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-2-rule/01/26650#M6489 TurboTax Help 2020-12-23T16:22:36Z
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<P>The 2% rule referred to the limitation on certain miscellaneous itemized deductions, which included things like unreimbursed job expenses, tax prep, investment, advisory fees, and safe deposit box rentals.</P> <P>In 2017 and earlier tax years, wage-earners and other taxpayers who weren’t able to write these off as business expenses were allowed to deduct the portion of these miscellaneous expenses that exceeded 2% of their AGI, provided they took the itemized deduction. These miscellaneous expenses were reported on Form 2106.</P> <P>Under the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017, the deduction for these 2% miscellaneous expenses has been suspended in tax years 2018 through 2025. However, this doesn’t affect:</P> <UL> <LI>Self-employed individuals and businesses who can continue to deduct business-related expenses on Schedule C as before</LI> <LI>People who work in one of these specific professions or situations <UL> <LI>Armed Forces reservist</LI> <LI>Qualified performing artist</LI> <LI>Fee-basis state or local government official</LI> <LI>You're disabled and have impairment-related expenses</LI> </UL></LI> </UL> <P>Your <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/can-employees-deduct-any-job-related-expenses/00/25783" target="_blank">job-related expenses</A> may still be allowed on your state return. Enter your expenses and we’ll figure out if you can deduct them.</P> <DIV class="ISH_relatedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://ttlc.intuit.com/community/tax-reform/help/which-federal-tax-deductions-have-been-suspended-by-tax-reform/00/25565" target="_blank">Which federal tax deductions have been suspended by tax reform?</A> </LI> </UL> </DIV>
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The 2% rule referred to the limitation on certain miscellaneous itemized deductions, which included things like unreimbursed job expenses, tax prep, investment, advisory fees, and safe deposit box rentals. In 2017 and earlier tax years, wage-earners and other taxpayers who weren’t able to write these off as business expenses were allowed to deduct the portion of these miscellaneous expenses that exceeded 2% of their AGI, provided they took the itemized deduction. These miscellaneous expenses were reported on Form 2106. Under the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017, the deduction for these 2% miscellaneous expenses has been suspended in tax years 2018 through 2025. However, this doesn’t affect: Self-employed individuals and businesses who can continue to deduct business-related expenses on Schedule C as before People who work in one of these specific professions or situations Armed Forces reservist Qualified performing artist Fee-basis state or local government official You're disabled and have impairment-related expenses Your job-related expenses may still be allowed on your state return. Enter your expenses and we’ll figure out if you can deduct them. Related Information: Which federal tax deductions have been suspended by tax reform?
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