Reply To: Net Investment Income Tax

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#3106
MDM
Participant

“Unless an individual makes an election under this subsection for the taxable year, no itemized deduction shall be allowed for the taxable year. For purposes of this subtitle, the determination of whether a deduction is allowable under this chapter shall be made without regard to the preceding sentence.

The first sentence seems clear enough. But under what circumstances is the first sentence nullified by the second sentence?

In other words, does the second sentence mean the deduction can be taken for the NIIT without regard to whether one elected to itemize for form 1040?

Probably clear to anyone who understands the operative definitions of “this subtitle” and “this chapter”, but otherwise…?