Common use of Itemized Deductions Clause in Contracts

Itemized Deductions. You can no longer claim any miscellaneous itemized deductions on your individual income tax return. Miscellaneous itemized deductions are those deductions that would have been subject to the 2% of adjusted gross income limitation. This impacts the ability to deduct IRA losses on a total distribution and the source(s) of your payment for certain expenses, such as management fees, related to your IRA.

Itemized Deductions. You can no longer claim any miscellaneous itemized deductions on your individual income tax return. Miscellaneous itemized deductions are those deductions that would have been subject to the 2% of adjusted gross income limitation. This impacts the ability to deduct IRA XXX losses on a total distribution and the source(s) of your payment for certain expenses, such as management fees, related to your IRAdistribution.