Re: [CANSLIM] Deduction Subject to 2% Limit

From: "Charles & Lois Layne" <lelayne@earthlink.net>
Subject: Re: [CANSLIM] Deduction Subject to 2% Limit
Date: Wed, 23 Jul 2003 08:49:03 -0400

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- ----- Original Message -----
From: "Robert Gammon" <rgammon51@yahoo.com>
To: <canslim@lists.xmission.com>; "Charles & Lois Layne"
<lelayne@earthlink.net>
Sent: Wednesday, July 23, 2003 9:45 AM
Subject: Re: [CANSLIM] Deduction Subject to 2% Limit


> On Wed, 23 Jul 2003 07:32:02 -0400, Charles & Lois Layne wrote:
> >limit such as out of pocket medical expenses.  Sched A is also useful if
one
> >is using a filing status that disallows the standard deduction (married
> >filing single, I believe) or if the taxpayer elects not to take the
standard
> >deduction because of some tax advantage at the state income tax level
(not
> >usual, but I have heard of it; depends on the state tax laws).
>
> This is called Married Filing Separately.  If one of the two itemizes
deductions
> the other MUST also since the Standard Deduction is not available to the
spouse
> who would otherwise choose the Standard Deduction.  If neither spouse
chooses to
> Itemize Deductions then BOTH can claim the Standard Deduction.
>

Thank you for the precise terminology.  Brain not fully engaged yet (mine,
not yours).   :)


Chuck Layne




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