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Home Tax Deductions

Pease Limitation Calculator

by Prashant Thakur
October 31, 2017
in Tax Deductions
0

pease limitation calculatorPease Limitation calculator is here to make the life of taxpayers easy ! As you know the Pease limitation  was added to the Internal Revenue Code under section 68 in the year 1991. This provision limits the amount of certain itemized deductions . The Pease limitation affects taxpayers who are  in the 33% marginal table rates and above. In effect , this limitation on deduction actually garners more dollars for federal government from rich tax payer without raising tax rates for them.The reduction amount  is the lesser of

  • 3% of AGI  over a threshold or
  • by 80% of total deductions.

The calculation  is based on the adjusted gross income (AGI) of the taxpayer . You can read what is pease limitation here

Pease limitation calculator

Care is taken to make the pease limitation calculator error free. Please give feedback if you find an error

 

 

 

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Post Disclaimer

While the information on this site  - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

Tags: itemized deductions under us tax laws
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