Deductionsportfolio 2 Floor

1 year delay in treatment of publicly offered regulated investment companies under 2 percent floor.

Deductionsportfolio 2 floor.

See the instructions for schedule a form 1040 lines 23 and 28 for details. 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. 100 203 title x 10104 a dec. Usually these three basic categories fall under the 2 rule.

Deductions portfolio formerly deductible by individuals under section 67 subject to 2 agi floor. Claim these deductions from taxable income on schedule a. 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.

22 1987 101 stat. Generally you should report these amounts on schedule a form 1040 line 23. You can claim part of your total job expenses and certain miscellaneous expenses. These expenses must be more than 2 of your adjusted gross income agi.

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.