I have heard as a individual income tax filer, I am allowed to show 30%-32% of my total taxable income as Itemized deduction in federal tax filing. Can you verify this information? And provide me whats the maximum percentage from my total taxable income I am allowed to deduct as itemized deduction without raising any issue with IRS?
The notion that you can automatically deduct 30%-32% of your taxable income as itemized deductions is not accurate. Itemized deductions are specific expenses that the IRS allows you to deduct from your adjusted gross income (AGI) to reduce your taxable income. These deductions are not based on a percentage of your income but rather on actual expenses incurred in certain categories. Common itemized deductions include: 1. **Medical and Dental Expenses**: Only the amount exceeding 7.5% of your AGI is deductible. 2. **State and Local Taxes (SALT)**: Limited to $10,000 ($5,000 if married filing separately). 3. **Mortgage Interest**: Interest on up to $750,000 of mortgage debt ($1 million if incurred before December 16, 2017). 4. **Charitable Contributions**: Generally limited to 60% of your AGI, but this can vary. 5. **Casualty and Theft Losses**: Only deductible if attributable to a federally declared disaster. There is no maximum percentage of your income that you can deduct as itemized deductions. Instead, the total amount depends on your actual qualifying expenses. The IRS does not set a specific percentage limit, but unusually high deductions relative to your income may trigger scrutiny or an audit. If your itemized deductions do not exceed the standard deduction, it may be more beneficial to take the standard deduction. For 2023, the standard deduction is $13,850 for
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