Question
Amy, who files as a single taxpayer, has AGI of $80,000 in 2022. She incurred the following expenses during the year: State and local income
Amy, who files as a single taxpayer, has AGI of $80,000 in 2022. She incurred the following expenses during the year:
State and local income taxes | 2,700 |
State sales tax | 1,200 |
Real estate taxes | 3,800 |
Home mortgage interest | 7,000 |
Car loan interest | 600 |
Personal property (car) tax | 400 |
Charitable contributions | 1,000 |
Medical expenses (before 7.5% floor) | 6,600 |
Unreimbursed employee business expenses | 2,600 |
Calculate Amy's allowable itemized deductions:
_________________
Richard, age 50, is employed as an actuary. For calendar year 2022, he had AGI of $100,000 and paid the following medical expenses:
Medical insurance premiums | $8,300 |
Doctor and dentist bills | 3,900 |
Eye exams and eyeglasses | 2,100 |
Prescribed medicines | 830 |
What is Richards maximum allowable medical expense deduction for 2022 assuming he itemizes his deductions?
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