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Submitted By: R.
Answered: July 30, 2013 8:30 am
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.
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Tax Glossary
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
