HELP: 7.5% Med limit Updates

This topic has 1 reply, 2 voices, and was last updated 9 years, 8 months ago by leglock.

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August 27, 2014 at 4:40 pm #188204

Anonymous
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Do the elderly still have a different AGI limitation for medical expenses or is everyone 10% with the new rules? Becker addressed this update for AMT purposes but does that means it applies for Itemized Deductions as well?

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August 27, 2014 at 4:43 pm #589853

leglock
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Eldrerly uses 7.5 percent of agi for medical deduction. No elderly is 10. Therefore for amt there is only an addback if taxpayer is elderly and the addback is the spread between 10 and 7.5
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