In the past,high-income taxpayers' itemized deductions have been reduced,called the Pease limitations,by the lower of 3% of the excess of AGI over the applicable amount or 80% of the itemized deductions otherwise allowable for the tax year.For 2017,this limitation on the amount of itemized deductions for high-income taxpayers is still in effect.

Pease Limitations

Named after Congressman Don Pease, these are limits on the amount of itemized deductions that high-income individuals can claim.

Itemized Deductions

Expenses allowed by the IRS that can be deducted from adjusted gross income to reduce taxable income if chosen instead of the standard deduction.

AGI

Adjusted Gross Income refers to the total income reduced by certain deductions to ascertain the tax obligation.