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Miscellaneous Deductions – What is the 2% rule?

deductions Miscellaneous rule
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Miscellaneous Deductions – What is the 2% rule?

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If you itemize your deductions, part of the expenses that you claim as deductions may be limited by the 2% rule. Deductions that are included are unreimbursed employee expenses, expenses claimed on Form 2106, tax preparation fees, safe deposit box rental, and investment fees. Most other “Miscellaneous Deductions” are also subject to the 2% rule. Do I have to do any calculations when entering my deductions in to my account on TaxSlayer.com? No. When entering deductions in your account on TaxSlayer.com, you do not have to do any of the calculations. Enter the full amount in the appropriate field for each qualifying expense, and TaxSlayer.com will do the calculations for you. Entry fields are provided for the most common deductions. Enter the fullamount in each field. TaxSlayer.com will complete the Schedule A and apply the 2% rule in figuring your total for your itemized deductions. What is the 2% rule?For deductions that are subject to the 2% rule, you may only deduct the part of the ex

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