Submitted By: R.
Answered: July 30, 2013 8:30 am

I pay my mom’s medical expenses. She’s 83 years old and I’m 60. What percentage of adjusted gross income (AGI) to I apply for itemized deductions?

In 2013, the AGI floor for someone under age 65 is 10% of AGI. The 7.5% floor applies to those 65 or older. Since it is you, and not your mom, who is taking the deduction, you must use the 10%-of-AGI floor.

advertisement
Tax Glossary

Trust

An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).

More terms