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CCH can assist you with stories, including interviews with CCH subject experts.
Also, the 2005 CCH Whole Ball of Tax is available in print. Please contact:
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
Neil Allen
(847) 267-2179
allenn@cch.com
Link to special CCH Tax Briefings on key topics from 2004:
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2005 CCH Whole Ball of Tax
Average Itemized Deductions
(Data Based on 2002 Returns)
The following are the latest figures released by the IRS (their
reports lag behind the current tax year because of the time needed to compile
figures). These are averages only. The IRS takes a dim view of taxpayers who
base their claimed deductions on these figures.
The numbers are useful, however, for two purposes: (1) to see
if your actual deduction is out of line (so you can take extra care to document
your claim) and (2) to see if the deductions meet the expectations of policymakers.
Also, note that these averages take into account only those individuals
who claimed an itemized deduction for that type of expense. Zero deductions
are not factored in. Thus, the "average" taxpayer with adjusted gross
income between $30,000 and $50,000 did not take an "average" medical
expense deduction of $4,994, only the "average" taxpayer who itemized
did.
Adjusted Gross Income
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Medical Expenses
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Taxes
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Interest
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Contributions
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$15,000 to $30,000
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$5,890
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$2,327
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$6,453
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$1,890
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$30,000 to $50,000
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$4,994
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$3,187
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$6,850
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$2,007
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$50,000 to $100,000
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$5,672
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$5,173
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$8,364
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$2,530
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$100,000 to $200,000
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$10,969
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$9,785
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$11,825
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$3,875
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$200,000 or more
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$28,305
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$35,815
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$21,998
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$17,354
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SOURCE: CCH INCORPORATED, 2005
Permission for use granted
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nb-05-20
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