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Simple English definitions for legal terms

miscellaneous itemized deduction

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A quick definition of miscellaneous itemized deduction:

A miscellaneous itemized deduction is a type of deduction that can be taken on a tax return for certain expenses, such as job or investment expenses, that are not included in other deduction categories. This deduction is only available to taxpayers who choose to itemize their deductions and whose total miscellaneous deductions exceed a certain percentage of their adjusted gross income.

A more thorough explanation:

MISCELLANEOUS ITEMIZED DEDUCTION

A miscellaneous itemized deduction is an expense that can be subtracted from adjusted gross income to determine taxable income. This deduction includes job or investment expenses and other deductions that are not allowed in computing adjusted gross income or personal exemptions. It is only allowed to taxpayers who itemize their deductions and whose total miscellaneous itemized deductions exceed a certain percentage of their adjusted gross income.

  • Job-related expenses such as uniforms, travel, and education
  • Investment expenses such as fees paid to financial advisors and custodial fees
  • Tax preparation fees

For example, if a taxpayer has a total adjusted gross income of $50,000 and their miscellaneous itemized deductions total $5,000, they can only deduct the amount that exceeds 2% of their adjusted gross income, which is $1,000. Therefore, they can only deduct $4,000 from their taxable income.

miscegenation | mischarge

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[M] cheriebomb
15:41
just for u sweetie pie
llama
15:43
woah so much swagger with dat 'm;
Dkk
15:47
@shaquilleoatmeal: more like, blow my back out by the bay boston instead of back bay boston.
llama
15:48
https://www.urbandictionary.com/define.php?term=Chad%20Thundercock
Dkk
15:48
Indeed, the legendary man himself.
cheriebomb
15:49
I would go to blow my back out by the bay boston
llama
15:50
lift with ur back not your legs, its better to have a blown back than two bad legs
CynicalOops
15:53
Blow and back day out by boston bay
cheriebomb
15:59
so true
Dkk
16:03
Of course. Man sad Ricky Henderson died. That was my favorite athlete of all time.
windyMagician
16:10
is it dumb that I rlly want to go to Mich even tho I have a full ride to umn
llama
16:12
no-value as a consumer often means more than the price
Dkk
16:15
@windyMagician: Nah michigan is better than UMN
Dkk
16:15
My sister just officially graduated, yay!
llama
16:16
awesome @Dkks sister
llama
16:16
prolly named veronica or sarah
windyMagician
16:16
@Dkk: for public defense tho?
windyMagician
16:16
Sarah in the bathroom
texaslawhopefully
16:17
@windyMagician: not at all. Michigan is also very generous with aid, so if you get enough it makes perfect sense to take it.
windyMagician
16:17
fuck okay
windyMagician
16:17
going to my dream school is crazy
KnowledgeableRitzyWasp
16:18
michigan also has better options if you do PD for 10 years then want to do something else
windyMagician
16:19
also would love to clerk for my federal district court even tho I know its hella competitive, I think mich sets me up better?
llama
16:20
would be a great point to bring up when ur deciding / visiting each place- see what recent placement looks like
texaslawhopefully
16:23
For fed clerkships by far Michigan places better. I think it’s like 14-15 percent
windyMagician
16:25
sticker debt is high-key scary tho
texaslawhopefully
16:26
I’m sure you’ll get good merit aid though. Look at Michigan’s 509 report. They’re very generous.
cheriebomb
16:34
i am going to wait patiently into january to get into a law school
cheriebomb
16:34
then i will start tweaking
texaslawhopefully
16:42
January could not come any sooner
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