The floor is 7.5% of your AGI (adjusted gross income), meaning that you can only claim expenses which are in excess of that amount.

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That savings comes via above-the-line deductions for adjusted gross income (AGI), below-the-line deductions to AGI and credits claimed against taxes owed.

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The non-refundable child care credit can be up to 35% of your qualifying expenses, depending upon your adjusted gross income (AGI).

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However, they are only deductible on a Schedule A to the extent that they exceed 7.5% of your adjusted gross income (AGI).

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In addition, he or she will not have to recognize the distribution as income for determining Adjusted Gross Income (AGI) or any modified AGI calculations.

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However, this income could be included with other medical expenses so that the combined amount in excess of 10% of adjusted gross income (AGI) is deductable.

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Then add up all those amounts and subtract 10% of your adjusted gross income (AGI) from that total to calculate your allowable casualty losses for the year.

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That is, tax relief for casualty losses generally are limited to those with the unfortunate confluence of poor insurance coverage, low adjusted gross income (AGI), and good documentation.

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Ohio Congressman Donald Pease proposed the amendment that caused taxpayers whose adjusted gross income (AGI) exceeded a threshold to lose 3% of their itemized deductions for each dollar they earned above the threshold.

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For 2012 (the tax return due this coming April), if you itemize deductions on Schedule A of a 1040, you can deduct eligible medical expenses to the extent they exceed 7.5% of your adjusted gross income (AGI).

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Adjusted gross income, or AGI, is the number at the bottom of the front page of Form 1040.

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In 2005, 7, 389 high adjusted-gross-income (AGI) return filers paid no U.S. income tax, up from just 2, 833 in 2004.

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We can measure how much working wealth, measured as net adjusted gross income (or net AGI), was added or lost during the same decade.

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