Major Tax Changes for Year 2011

Itemized Deductions Phase Out Limits

If adjusted gross income exceeds the amount in the table below, itemized deductions (except medical expenses and certain other deductions) must be reduced by three percent of the excess over the threshold amount up 80% of allowable deductions for years prior to 2010.

For 2011, your itemized deductions are no longer limited because of your adjusted gross income.

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