KFMR

Financial Fitness - Special Edition 2011/12

Average Itemized Deductions*

 
Updated – Average Itemized Deductions for 2012/13

The chart below provides the averages only for planning purposes and does not represent a suggested itemized deduction. In the event of an audit, itemized deductions may be investigated.

Adjusted Gross
Income
Medical Expenses Taxes Interest Charitable
Contributions
$15,000 to $30,000 $7,074 $3,147 $9,245 $2,024
$30,001 to $50,000 $6,153 $3,830 $9,055 $2,189
$50,001 to $100,000 $7,102 $6,050 $10,659 $2,693
$100,001 to $200,000 $9,269 $10,798 $13,734 $3,757
$200,001 to $250,000 $21,554 $18,164 $18,570 $5,895
$250,001 or more $37,143 $50,267 $27,865 $20,930

 *Data based on Preliminary 2008 IRS Statistics

Financial Fitness - S.E. 2011/12

To ensure compliance with requirements imposed by the IRS, please note, any advice contained in this publication was not intended, or written, to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. This publication is distributed with the understanding that the publisher and distributor are not providing legal, accounting or other professional advice and assume no liability whatsoever in conjunction with the information contained within this publication.