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Whole Ball of Tax 2003
AVERAGE
ITEMIZED DEDUCTIONS
(Data
Based on 2000 Returns)
Based
on IRS statistics, CCH editors have prepared a chart that shows the
average amounts of itemized deductions claimed on 2000 federal tax
returns. (IRS reports lag behind the current tax year because of the
time needed to compile the figures.)
The
IRS takes a dim view of taxpayers who base their claimed deductions
on these averages. The numbers are useful, however, for two purposes:
to see if your actual deduction is out of line (so you can take extra
care to document it), and to see if deductions meet policymakers’
expectations.
Also,
note these averages take into account only those individuals who claimed
a deduction. Zero deductions are not factored in. Thus, the "average"
taxpayer with adjusted gross income between $20,000 and $30,000 did
not take an "average" medical expense deduction of $5,815
only the "average" taxpayer who itemized did. The percentages
appearing in each category indicate the percentage of itemizers who
took the deduction.
Adjusted
Gross Income
|
Medical
Expenses
|
Taxes
|
Interest
|
Contributions
|
$20,000
to $30,000
|
$5,815
|
$2,297
|
$6,317
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$1,700
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$30,000
to $50,000
|
$5,038
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$3,093
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$6,595
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$1,829
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$50,000
to $75,000
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$5,565
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$4,324
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$7,406
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$2,123
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$75,000
to $100,000
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$7,364
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$5,896
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$8,578
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$2,604
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$100,000
to $200,000
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$11,226
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$9,239
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$11,310
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$3,733
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$200,000
+
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$31,470
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$39,691
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$26,144
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$21,301
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SOURCE: CCH INCORPORATED,
2003
Permission for use granted
-- # # # --
nb-03-08
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For more information on the president's 2003 Economic Growth Tax Plan, please visit,
2003 Bush Tax Plan
The 2003 Whole Ball of Tax also is available in print. If you would like to request
the print version, please contact:
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
Neil Allen
(847) 267-2179
allenn@cch.com
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