Average Itemized Deductions (2011)

The information below provides the averages only for planning purposes and do not represent a suggested itemized deduction. In the event of an audit, itemized deductions may be investigated. (Data based on Preliminary 2008 IRS Statistics)

Adjusted Gross Income - $15,000 to $30,000

Medical Expenses: $7,074
Taxes: $3,147
Interest: $9,245
Charitable Contributions: $2,024

Adjusted Gross Income - $30,001 to $50,000

Medical Expenses: $6,153
Taxes: $3,830
Interest: $9,055
Charitable Contributions: $2,189

Adjusted Gross Income - $50,001 to $100,000

Medical Expenses: $7,102
Taxes: $6,050
Interest: $10,659
Charitable Contributions: $2,693

Adjusted Gross Income - $100,001 to $200,000

Medical Expenses: $9,269
Taxes: $10,798
Interest: $13,734
Charitable Contributions: $3,757

Adjusted Gross Income - $200,001 to $250,000

Medical Expenses: $21,554
Taxes: $18,164
Interest: $18,570
Charitable Contributions: $5,895

Adjusted Gross Income - $250,001 or more

Medical Expenses: $37,143
Taxes: $50,267
Interest: $27,865
Charitable Contributions: $20,930

To ensure compliance with requirements imposed by the IRS, and other governing bodies, please note the following. The information provided may, or may not, reflect the opinion of the authors. Any information provided is for informational purposes only and is not intended, or written, to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party on any transaction or matter addressed herein. This information is distributed with the understanding that the writer, publisher and distributor are not providing legal, accounting or other professional advice and assume no liability whatsoever in conjunction with any of the information provided.
comments powered by Disqus