Average Itemized Deductions (2012)

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 2009 IRS Statistics)

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

Medical Expenses: $7,783
Taxes: $3,184
Interest: $8,434
Charitable Contributions: $2,048

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

Medical Expenses: $7,028
Taxes: $3,943
Interest: $8,699
Charitable Contributions: $2,274

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

Medical Expenses: $7,269
Taxes: $6,247
Interest: $10,133
Charitable Contributions: $2,775

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

Medical Expenses: $9,269
Taxes: $11,069
Interest: $13,456
Charitable Contributions: $3,888

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

Medical Expenses: $21,599
Taxes: $18,524
Interest: $17,572
Charitable Contributions: $5,947

Adjusted Gross Income - $250,001 or more

Medical Expenses: $38,149
Taxes: $48,317
Interest: $25,527
Charitable Contributions: $18,488

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.
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