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Posted by Gil Faver on January 4, 2007, 8:35 pm
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"See itemized Deductions Recoveries in Pub. 525 instead of
using the worksheet below if any of the following applies.
.. . . .
9. You had to use the Itemized Deductions Worksheet in the
2005 Instructions for Schedules A & B because your 2005
adjusted gross income was over $145,950 (472,975 if married
filing separately) and both of the following apply.
a) You could not deduct all of the amount on the 2005
Itemized Deduction Worksheet, line 1.
b) the amount on line 8 of that 2005 worksheet would be more
than the amount on line 4 of that worksheet if the amount on
line 4 were reduced by 80% of the refund you received in
2006."
whew! ok, what does this mean? If 2005 itemized deductions
were limited due to a high AGI, what does subparagraph b)
do? I am hoping for a simple rule of thumb that says don't
bother with Pub. 525 if _____.
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