“For 2010, do tax payers with high adjusted gross income, still have to phase outs for exemptions and itemized deductions?”----> The Tax Relief Act phases out the restrictions on personal exemptions and overall limitation on itemized deductions for all taxpayers by 2010 according to the following schedule:reduced by 1/3 in taxable years beginning in 2006 and 2007.reduced by 2/3 in taxable years beginning in 2008 and 2009.eliminated for taxable years beginning in 2010. Unless the new Congress changes the law, you should get your full itemized deductions back in 2010. |