Job Expenses and Tax Preparation fees (and other deductions subject to the 2% of AGI limit)

Certain deductions are only allowed for the amount that exceeds 2% of your AGI. Job expenses (unreimbursed employee business expenses) and tax preparation fees are the most common items. This calculator will apply this calculation for you.

Some other examples of these deductions are:

• amounts paid to produce or collect taxable income and manage or protect property held for earning income, such as legal and accounting fees

• losses on nonfederally insured deposits in an insolvent or bankrupt financial institution

• deduction for repayments of amounts under a claim of right if $3,000 or less