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As an employee, you may be able to deduct certain unreimbursed expenses that the IRS considers "ordinary and necessary" to do your job. Job-related expenses aren't fully deductible as they're subject to the 2% rule.
In taxes, the 2% rule refers to the limitation on certain types of miscellaneous deductions, including unreimbursed job-related expenses (Form 2106), tax preparation fees, investment or advisory fees, and safe deposit box rentals.
Under the 2% rule, you're only allowed to deduct the portion of miscellaneous expenses that exceeds 2% of your adjusted gross income (AGI). You must also itemize to get this deduction (Schedule A).
Follow the instructions in the link below enter job-related expenses:As an employee, you may be able to deduct certain unreimbursed expenses that the IRS considers "ordinary and necessary" to do your job. Job-related expenses aren't fully deductible as they're subject to the 2% rule.
In taxes, the 2% rule refers to the limitation on certain types of miscellaneous deductions, including unreimbursed job-related expenses (Form 2106), tax preparation fees, investment or advisory fees, and safe deposit box rentals.
Under the 2% rule, you're only allowed to deduct the portion of miscellaneous expenses that exceeds 2% of your adjusted gross income (AGI). You must also itemize to get this deduction (Schedule A).
Follow the instructions in the link below enter job-related expenses:Still have questions?
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