Deductions? How They Stack Up.


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8-18-11

The IRS has released their ‘average’ write-offs based on income. There is no hard and fast rule on how much you can deduct before the audit bells go off, but usually you’re safe if you stay at or under the average amount.

Adjusted Gross Income under $15,000: Taxable income is $2,739, Interest Expense is $8,838, Charity is $1,496 and Total Itemized Deductions are $16,164.

Adjusted Gross Income $15,000 – $29,999: Taxable income is $9,279, Interest Expense is $8,434, Charity is $2,048 and Total Itemized Deductions are $15,608.

Adjusted Gross Income $30,000 – $49,999: Taxable income is $21,428, Interest Expense is $8,699, Charity is $2,274 and Total Itemized Deductions are $16,404.

Adjusted Gross Income $50,000 – $99,999: Taxable income is $46,401, Interest Expense is $10,133, Charity is $2,775 and Total Itemized Deductions are $20,350.

Adjusted Gross Income $100,000 – $199,999: Taxable income is $97,042, Interest Expense is $13,456, Charity is $3,888 and Total Itemized Deductions are $28,952.

Adjusted Gross Income $200,000 – $249,999: Taxable income is $171,938, Interest Expense is $17,572, Charity is $5,947 and Total Itemized Deductions are $41,595.

Adjusted Gross Income $250,000 & above: Taxable income is $555,769, Interest Expense is $25,527, Charity is $18,488 and Total Itemized Deductions are $89,432.

If your state tax is higher then the norm, the IRS will take that into account when looking at total itemized deductions.

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