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26 U.S.C. § 68 — Overall limitation on itemized deductions
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the case of an individual, the amount of the itemized deductions otherwise allowable for the taxable year (determined without regard to this section) shall be reduced by 2⁄37 of the lesser of—
(1) such amount of itemized deductions, or
(2) so much of the taxable income of the taxpayer for the taxable year (determined without regard to this section and increased by such amount of itemized deductions) as exceeds the dollar amount at which the 37 percent rate bracket under section 1 begins with respect to the taxpayer.
**(b) Coordination with other limitations** This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
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Source file: Laws/federal/codes/united-states-code/title-26/section-68-overall-limitation-on-itemized-deductions--7640097e81.md
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Source location: Title 26, Chapter 1, § 68; chapter-001-normal-taxes-and-surtaxes.md
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**(a) In general** In the case of an individual, the amount of the itemized deductions otherwise allowable for the taxable year (determined without regard to this section) shall be reduced by 2⁄37 of the lesser of—
(1) such amount of itemized deductions, or
(2) so much of the taxable income of the taxpayer for the taxable year (determined without regard to this section and increased by such amount of itemized deductions) as exceeds the dollar amount at which the 37 percent rate bracket under section 1 begins with respect to the taxpayer.
**(b) Coordination with other limitations** This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this section is to provide for adjustments of estimates of budgetary effects of PAYGO legislation for legislation affecting 4 areas of the budget—
(1) payments made under [section 1395w–4 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1395w–4&num=0&edition=prelim) (referred to in this section as “Payment for Physicians’ Services”);
(2) the Estate and Gift Tax under subtitle B of title 26;
(3) the AMT; and
(4) provisions of EGTRRA or JGTRRA that amended title 26 (or provisions in later statutes further amending the amendments made by EGTRRA or JGTRRA), other than—
(A) the provisions of those 2 Acts that were made permanent by the Pension Protection Act of 2006 (Public Law 109–280);
(B) amendments to the Estate and Gift Tax referred to in paragraph (2);
(C) the AMT referred to in paragraph (3); and
(D) the income tax rates on ordinary income that apply to individuals with adjusted gross incomes greater than $200,000 for a single filer and $250,000 for joint filers.
**(b) Duration** This section shall remain in effect through December 31, 2011.
**(c) Medicare payments to physicians**
(1) **Criteria** — Legislation that includes provisions amending or superseding the system for updating payments under subsections (d) and (f) of [section 1395w–4 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1395w–4&num=0&edition=prelim) shall trigger the current policy adjustment required by this chapter.
(2) **Adjustment** — The amount of the maximum current policy adjustment shall be the difference between—
(A) estimated net outlays attributable to the payment rates and related parameters in accordance with subsections (d) and (f) of [section 1395w–4 of
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 936
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of deduction** In the case of a taxpayer other than a corporation, except as provided in subsection (i), there shall be allowed as a deduction for any taxable year an amount equal to the lesser of—
(1) the combined qualified business income amount of the taxpayer, or
(2) an amount equal to 20 percent of the excess (if any) of—
(A) the taxable income of the taxpayer for the taxable year, over
(B) the net capital gain (as defined in section 1(h)) of the taxpayer for such taxable year.
**(b) Combined qualified business income amount** For purposes of this section—
(1) **In general** — The term “combined qualified business income amount” means, with respect to any taxable year, an amount equal to—
(A) the sum of the amounts determined under paragraph (2) for each qualified trade or business carried on by the taxpayer, plus
(B) 20 percent of the aggregate amount of the qualified REIT dividends and qualified publicly traded partnership income of the taxpayer for the taxable year.
(2) **Determination of deductible amount for each trade or business** — The amount determined under this paragraph with respect to any qualified trade or business is the lesser of—
(A) 20 percent of the taxpayer’s qualified business income with respect to the qualified trade or business, or
(B) the greater of—
(i) 50 percent of the W–2 wages with respect to the qualified trade or business, or
(ii) the sum of 25 percent of the W–2 wages with respect to the qualified trade or business, plus 2.5 percent of the unadjusted basis immediately after acquisition of all qualified property.
(3) **Modifications to limit based on taxable income**
(A) *Exception from limit* — In the case of any taxpayer whose taxable income for the taxable year does not exceed t
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 199A
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Foreign tax credit allowed** An estate or trust shall be allowed the credit against tax for taxes imposed by foreign countries and possessions of the United States, to the extent allowed by section 901, only in respect of so much of the taxes described in such section as is not properly allocable under such section to the beneficiaries.
**(b) Deduction for personal exemption**
(1) **Estates** — An estate shall be allowed a deduction of $600.
(2) **Trusts**
(A) *In general* — Except as otherwise provided in this paragraph, a trust shall be allowed a deduction of $100.
(B) *Trusts distributing income currently* — A trust which, under its governing instrument, is required to distribute all of its income currently shall be allowed a deduction of $300.
(C) *Disability trusts*
(i) *In general* — A qualified disability trust shall be allowed a deduction equal to the exemption amount under section 151(d), determined—
(I) by treating such trust as an individual described in section 68(b)(1)(C),11 See References in Text note below. and
(II) by applying section 67(e) (without the reference to section 642(b)) for purposes of determining the adjusted gross income of the trust.
(ii) *Qualified disability trust* — For purposes of clause (i), the term “qualified disability trust” means any trust if—
(I) such trust is a disability trust described in subsection (c)(2)(B)(iv) of section 1917 of the Social Security Act ([42 U.S.C. 1396p](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1396p&num=0&edition=prelim)), and
(II) all of the beneficiaries of the trust as of the close of the taxable year are determined by the Commissioner of Social Security to have been disabled (within the meaning of section 1614(a
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 642
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Federal law — U.S. Code and appendices · legal_authorities
Page 460
TITLE 26—INTERNAL REVENUE CODE
§ 68
any taxable year beginning after December 31,
2017, and before January 1, 2026.
(Added Pub. L. 99–514, title I, § 132(a), Oct. 22,
1986, 100 Stat. 2113; amended Pub. L. 100–647, title
I, § 1001(f), title IV, § 4011(a), Nov. 10, 1988, 102
Stat. 3351, 3655; Pub. L. 101–239, title VII, § 7814(f),
Dec. 19, 1989, 103 Stat. 2414; Pub. L. 103–66, title
XIII, § 13213(c)(2), Aug. 10, 1993, 107 Stat. 474; Pub.
L. 105–277, div. J, title IV, § 4004(b)(1), Oct. 21,
1998, 112 Stat. 2681–910; Pub. L. 106–554, § 1(a)(7)
[title III, § 319(2)], Dec. 21, 2000, 114 Stat. 2763,
2763A–646; Pub. L. 115–97, title I, § 11045(a), Dec.
22, 2017, 131 Stat. 2088.)
Editorial Notes
REFERENCES IN TEXT
Section 4 of the Securities Act of 1933, referred to in
subsec. (c)(2)(B)(i)(I), is classified to section 77d of Title
15, Commerce and Trade.
AMENDMENTS
2017—Subsec. (g). Pub. L. 115–97 added subsec. (g).
2000—Subsec. (f). Pub. L. 106–554 substituted ‘‘the sec-
ond sentence’’ for ‘‘the last sentence’’.
1998—Subsec. (b)(3). Pub. L. 105–277 substituted ‘‘for
casualty or theft losses described in paragraph (2) or (3)
of section 165(c) or for losses described in section
165(d)’’ for ‘‘for losses described in subsection (c)(3) or
(d) of section 165’’.
1993—Subsec. (b)(6) to (13). Pub. L. 103–66 redesignated
pars. (7) to (13) as (6) to (12), respectively, and struck
out former par. (6) which read as follows: ‘‘the deduc-
tion under section 217 (relating to moving expenses),’’.
1989—Subsec. (c)(4). Pub. L. 101–239 struck out par. (4)
which read as follows: ‘‘TERMINATION.—This subsection
shall not apply to any taxable year beginning after De-
cember 31, 1989.’’
1988—Subsec. (b)(4). Pub. L. 100–647, § 1001(f)(2), sub-
stituted ‘‘deduction
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 68
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