1.

Julie, who files as a single taxpayer, has AGI of $100,000 in 2020. She incurred the following expenses during the year:

State and local income taxes	5,800
State sales tax	3,200
Real estate taxes	4,800
Home mortgage interest	8,000
Roth IRA contribution	2,000
Traditional IRA contribution	2,000
Medical expenses (before 7.5% floor)	3,600

Julie's allowable itemized deductions are:

		$18,000
		$21,800
		$23,800
		$20,000

2.

Richard, age 50, is employed as an actuary. For calendar year 2020, he had AGI of $100,000 and paid the following medical expenses:

Medical insurance premiums	$8,500
Doctor and dentist bills	3,900
Eye exams and eyglasses	2,500
Prescribed medicines	1,000
Over the counter medicines	960

What is Richards maximum allowable medical expense deduction for 2020 assuming he itemizes his deductions?

$9,360
		$860
		$12,400
		$8,400

3.

Bill invests $50,000 in an oil partnership. He has taxable income (loss) and investments (withdrawals) as follow:

Year 1: Income $5,000, withdrawal ($10,000)

Year 2: Loss ($2,000) investment $5,000

What is Bill's at-risk amount at the end of year 2?