3% Itemized Deductions Worksheet for 2014

Use this itemized deductions worksheet to determine the amount you can deduct, if the 3% phaseout rule applies to you:

1. Enter your 2014 adjusted gross income.________
2. Applicable AGI threshold ($305,050, $279,650, $254,200, or
$152,525; see below).
________
3. Subtract line 2 from line 1.________
4. Multiply the amount of line 3 by 3% (.03).________
5. Enter the total allowable itemized deductions before the 3% reduction.________
6. Enter the amount included on line 5 for allowable medical and dental expenses, casualty or theft loss, investment interest, and gambling losses. These deductions are not subject to the reduction.________
7. Subtract line 6 from line 5.________
8. Multiply the amount on line 7 by 80% (.80).________
9. Enter the smaller of line 4 or line 8.________
10. Subtract line 10 from line 5. This is the net amount of itemized deductions you may claim for 2014.________



2014 AGI (Adjusted Gross Income) Threshold for Itemized Deduction Phaseout Rule

  • $305,050 if you are married filing jointly or a qualifying widow/widower
  • $279,650 if a head of household
  • $254,200 if single
  • $152,525 if married filing separately
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