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Ask A CPA - 2016 Tax Law Changes

2016-2017 Itemized Deductions Phase-Out Amounts

The limitation for itemized deductions to be claimed on tax year 2016 returns of individuals begins with incomes of $259,400 or more ($311,300 for married couples filing jointly) $285,350 for head of household and $155,650 for MFS.. The limitation for itemized deductions to be claimed on tax year 2017 returns of individuals begins with incomes of $287,650 or more ($313,800 for married couples filing jointly). The limitation for itemized deductions claimed on tax year 2015 returns of individuals begins with incomes of $258,250 or more ($309,900 for married couples filing jointly).

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