Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

16. For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed cash of $16,000 to her church and

image text in transcribed

16. For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed cash of $16,000 to her church and an additional $3,000 to qualified charities. She also contributed religious artwork that she owned for 10 years with a fair market value of $28,000 and a basis of $20,000 to a museum. The museum intends to display the religious artwork. If Gina chooses to itemize her deductions, what is the amount of her deductible charitable contribution in the current year? A) $47,000. B) $19,000. C) $39,000. D) $28,000. E) $30,000. 17. In 2020, Maria who is 66, had adjusted gross income of $27,000, paid the following medical expenses: Prescription medicines S 275 Dentist and doctor expenses 1,350 Health insurance premiums 400 Two pair of eyeglasses 185 What amount can Maria deduct as medical expenses (before the adjusted gross income limitation) in calculating her itemized deductions for 2020? A) $2,210. B) $2,025. C) $185. D) $0. 18. Frank is a resident of a state that imposes a tax on income. The following information pertaining to Frank's state income taxes is available: State income taxes withheld in 2020 $3,900 S 500 Refund of 2018 tax received in 2020 Mistake on 2016. Assessed and paid in 2020 for 2016: Tax s 700 Interest $ 100 What amount should Frank use as state and local income taxes in calculating itemized deductions for his 2020 Federal tax return, assuming he elects to deduct state and local income taxes? a. $4,10 10 . $4,60 0 $4,70 Id. $4,20

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investments Unlimited A Novel About DevOps Security Audit Compliance And Thriving In The Digital Age

Authors: Helen Beal, Bill Bensing, Jason Cox, Michael Edenzon, John Willis

1st Edition

1950508536, 978-1950508532

More Books

Students also viewed these Accounting questions

Question

Describe the diff erent ways domestic violence can occur

Answered: 1 week ago