Heartland Disaster Tax Relief Act of 2008. This act provides tax relief for affected persons in the Midwestern disaster areas. Under the Act, you may be able to treat certain gifts made by cash or check as qualified contributions not subject to the limit on itemized deductions. See Publication 4492-B.taxmap/pub17/p17-158.htm#TXMP6db58600
This chapter discusses the overall limit on itemized deductions on Schedule A (Form 1040). The following topics are included.
- Who is subject to the limit.
- Which itemized deductions are limited.
- How to figure the limit.
You may want to see:
Form (and Instructions) Schedule A (Form 1040),: Itemized Deductionstaxmap/pub17/p17-158.htm#en_us_publink100034726
You are subject to the limit on certain itemized deductions if your adjusted gross income (AGI) is more than $159,950 ($79,975 if you are married filing separately). Your AGI is the amount on Form 1040, line 38.