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Anthony Howard is 30 years old and single. Anthony had wage income of $50,000. He also had gambling winnings of $500. His total AGI is
Anthony Howard is 30 years old and single. Anthony had wage income of $50,000. He also had gambling winnings of $500. His total AGI is $50,500. He is not sure if he should itemize or take the standard deduction. Anthony paid the following:
- $5,000 qualifying home mortgage interest.
- $9,500 for real estate taxes.
- $4,000 for state income taxes withheld in 2020.
- Unreimbursed doctor and dentist bills in the amount of $8,000.
- Unreimbursed prescription drugs for $200.
- Vitamins for $120.
- A statement received from his church showing donations made throughout the year totaling $1,400 in cash.
- Receipts for donations of furniture and clothing in good, used condition to Goodwill. The total estimated fair market value is $100.
- Tax preparation fee of $315 for his 2019 tax return paid in 2020.
- $2,000 paid in 2020 on his 2019 federal income tax.
- $750 in gambling losses
Complete Anthony Howards Schedule A. Also calculate Anthonys standard deduction.
Which should Anthony take the standard deduction or itemized deduction?
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