The 2 rule referred to the limitation on certain miscellaneous itemized deductions which included things like unreimbursed job expenses tax prep investment advisory fees and safe deposit box rentals.
2 if agi floor.
For example if your agi is 50 000 your floor will be 2 percent of that or 1 000.
Miscellaneous itemized deductions are those deductions that would have been subject to the 2 of adjusted gross income limitation.
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.
In 2017 and earlier tax years wage earners and other taxpayers who weren t able to write thes.
1330 386 provided that.
Figure 2 of his agi.
22 1987 101 stat.
02 x 30 000 600 line 25 of schedule a subtract 2 of his agi from his deductions that are subject to the rule.
Elimination of 2 floor itemized deductions news family wealth and estate planning tax tax planning and compliance manufacturing and distribution real estate and construction historically taxpayers have been afforded the opportunity to include various expenses in excess of 2 percent of their adjusted gross income agi in the.
100 203 title x 10104 a dec.
1 year delay in treatment of publicly offered regulated investment companies under 2 percent floor pub.