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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

 
CCH Whole Ball of Tax 2004
Release (26) | Back to WBOT

CCH Whole Ball of Tax 2004

Contact: Leslie Bonacum, 847-267-7153, mediahelp@cch.com
Neil Allen, 847-267-2179, allenn@cch.com

 

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

Medical Expenses

Taxes

Interest

Contributions

$15,000 to $30,000

$5,616

$2,311

$6,406

$1,875

$30,000 to $50,000

$5,489

$3,052

$6,783

$1,906

$50,000 to $100,000

$5,532

$5,108

$8,330

$2,429

$100,000 to $200,000

$10,780

$9,713

$11,817

$3,761

$200,000 or more

$35,927

$38,931

$23,260

$17,842

SOURCE: CCH INCORPORATED, 2004
Permission for use granted

nb-04-15

       


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