If you have miscellaneous deductions that exceed 2% of your adjusted gross income (AGI) you may qualify to claim them on your tax return. Usually the different types of costs can fall under the miscellaneous deductions category, and be subject to the limitation of 2% of your AGI: Tax preparation fees, any employee expenses that were unreimbursed and certain other qualifying expenses.
On a Form 1040 Schedule A, where you would list your itemized deductions, you can claim some unreimbursed employee expenses. Only expenses that have been obtained over the current tax year and have been deemed necessary and ordinary to conduct business as an employee may qualify.
Additional to unreimbursed employee expenses, the following expenses may qualify to be deducted and are subject to the 2% adjusted gross income limit. These include costs from:
- Any costs associated with collecting or production taxable income that is already included in your gross income.
- Maintenance and management costs that are required to continue your own income.
- The costs of paying or claiming a tax refund.
Deductions from the first two expenses must be deemed ordinary and associated for the purpose of maintaining your employment, skills producing your income or business.