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1 Deductions Subject to the 2% Limit ................ Unreimbursed Employee Expenses ................ Other Expenses ............................................... 2 2 7 Deductions Not Subject to the 2% Limit ......... List of Deductions ............................................ Performing Artists ............................................ Officials Paid on a Fee Basis .......................... 10 10 12 12 Nondeductible Expenses .
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1998 FAQ
The 2% rule referred to the limitation on certain miscellaneous itemized deductions, which included things like unreimbursed job expenses, tax prep, investment, advisory fees, and safe deposit box rentals. What is the 2% rule? - TurboTax Support - Intuit TurboTax Community https://ttlc.intuit.com › en-us › tax-credits-deductions TurboTax Community https://ttlc.intuit.com › en-us › tax-credits-deductions
December 31, 2025 Miscellaneous Deductions Subject to 2% Floor Unreimbursed employee expenses, tax preparation fees, hobby losses, union dues and all other miscellaneous itemized deductions subject to the 2% floor are now disallowed. This is effective for tax years beginning January 1, 2018 through December 31, 2025. The Tax Cuts and Jobs Act: Impact on Individual Taxes dbbllc.com https://.dbbllc.com › news › tax-cuts-and-jobs-act-i... dbbllc.com https://.dbbllc.com › news › tax-cuts-and-jobs-act-i...
Miscellaneous itemized deductions are those deductions that would have been subject to the 2%-of-adjusted-gross-income (AGI) limitation. You can still claim certain expenses as itemized deductions on Schedule A (Form 1040), Schedule A (1040-NR), or as an adjustment to income on Form 1040 or 1040-SR.
Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form 2106, Employee Business Expenses, to take the deduction.
In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of such deductions exceeds 2 percent of adjusted gross income. 26 U.S. Code § 67 - 2-percent floor on miscellaneous itemized ... LII / Legal Information Institute https://.law.cornell.edu › ... › PART I LII / Legal Information Institute https://.law.cornell.edu › ... › PART I
You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. You can Not deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities.
However, with tax reform, all miscellaneous “2%” expenses, including unreimbursed employee expenses are not allowed between 2018 and 2025. Expenses such as union dues, work-related business travel, or professional organization dues are no longer deductible, even if the employee can itemize deductions. Can I Deduct Unreimbursed Employee Expenses? - H&R Block hrblock.com https://.hrblock.com › adjustments-and-deductions hrblock.com https://.hrblock.com › adjustments-and-deductions
This publication explains which expenses you can claim as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR).
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