Deductionsportfolio 2 Floor

Prior to 2018 line 13k was used for deductions portfolio 2 floor which represented a taxpayer s share of portfolio deductions that are subject to the 2 income limitation as a miscellaneous deduction on schedule a form 1040.

Deductionsportfolio 2 floor.

Amounts entered with code k are deductions that are clearly and directly allocable to portfolio income other than investment interest expense and section 212 expenses from a remic. For taxpayers other than individuals deduct amounts that are clearly and directly allocable to portfolio income other than investment interest expense and section 212 expenses from a remic. Claim these deductions from taxable income on schedule a. Deductions portfolio formerly deductible by individuals under section 67 subject to 2 agi floor.

22 1987 101 stat. Subtract 2 of his agi from his deductions that are subject to the rule. 1150 600 550 line 26 of schedule a even though he had expenses totaling 1150 because these particular expenses were subject to the 2 rule his net deduction that he will receive on his return for these expenditures is only 550. 1 year delay in treatment of publicly offered regulated investment companies under 2 percent floor.

100 203 title x 10104 a dec. Usually these three basic categories fall under the 2 rule. These expenses must be more than 2 of your adjusted gross income agi. You can claim part of your total job expenses and certain miscellaneous expenses.

See the instructions for schedule a form 1040 lines 23 and 28 for details.