[I'm, Ron Burgundy?]

So, are we using 7.5% for medical expenses above AGI or 10%? What about phase out amounts for, IRA deductions, Student loan interest, and everything else under the sun?

Thoughts?

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[barelystayingsane]

Try searching for the answer using the search bar on the top right of the page. There are a million threads relating to this topic, about 100,000 of which were started in the last week alone.

[rjcpa]

The medical exp deduction is 7.5%. The AMT tax however only alows you to deduct medical expenses over 10%. That did not change. In fact, I can't think of anything that changed from the June testing period to July except the sec 179 business exp deduction. That is 500k deduction but is phased out dollar for dollar over 2m i think.

FAR - 10/3/12 - 86
BEC - 11/27/12 - 70 1/14/13 - 81
AUD - 4/4/13 - 87
REG - 7/8/13 - 80

[barelystayingsane]

@rjcpa that is NOT correct. The medical expense deduction is now 10%. It is only 7.5% for taxpayers 65 and older.

[MurphyNish]

I don't understand why my $3000 review course couldn't have adjusted some of these numbers when I bought it in the later months of 2013

[barelystayingsane]

I don't think they start distributing the 2014 books until October or November. On the one hand, it would be super nice if they waited to release the REG books until they had the definite updates every year (like around April or May), but people would still want the books for the other sections before January, so that would just be a nightmare logistically.

They do provide the updated numbers online (at least Becker does…I would certainly hope the other materials do, as well), and I think that's more than fair. Yeah, it's a little annoying, but it's really not that big of a deal. Although I will say that Becker kinda dropped the ball and didn't release the updated numbers until June, which bothered me.

[Author]

Replies