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Link to special CCH Tax Briefings on key topics from 2003:
CCH can assist you with stories, including interviews with CCH subject experts.
Also, the CCH Whole Ball of Tax 2004 is available in print. Please contact:
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
Neil Allen
(847) 267-2179
allenn@cch.com
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CCH Whole Ball of Tax 2004
Average Itemized Deductions
(Data Based on 2001 Returns)
Based on IRS statistics, CCH editors have prepared a chart that shows the average
amounts of itemized deductions claimed on 2001 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 $30,000 and $50,000 did not take
an "average" medical expense deduction of $5,489, 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
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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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$5,616
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$2,311
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$6,406
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$1,875
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$30,000 to $50,000
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$5,489
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$3,052
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$6,783
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$1,906
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$50,000 to $100,000
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$5,532
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$5,108
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$8,330
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$2,429
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$100,000 to $200,000
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$10,780
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$9,713
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$11,817
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$3,761
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$200,000 or more
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$35,927
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$38,931
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$23,260
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$17,842
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SOURCE: CCH INCORPORATED, 2004
Permission for use granted
nb-04-15
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