Question
Below is a list of disbursements that Mr. Fernndez had during the year tax 2019. Determine for each disbursement the additional deduction, Limit or 0
Below is a list of disbursements that Mr. Fernndez had during the year tax 2019. Determine for each disbursement the additional deduction, Limit or 0 if NO applies if Mr. Fernndez's adjusted gross income (AGI) was $50,000. LIMIT DEDUCTION _______
1 - Care Expense: two (2) children . $3,800 _______ _______
2 - Contribution to the Federal government retirement system ...................................$1,400_______ _______
3 - Tax on the property that constitutes your Main residence ................................................ ............................................$900_______ _______
4 - Credit card interest ........................................................... ................................$1,000_______ _______
5 - Ordinary and necessary expenses ........................................................... ...........................$900_______ ______ _
6 - Automobile interest................................................. ....................................$1,200_______ _______
7 - Contributions to IRA accounts (El).................................................. ...........................$6,000_______ _______
8 - Losses due to fortuitous causes of real estate................................................... ....6,000_______ ______ _
9 - Education expenses for 2 children. .................................................. ....................$800_______ _______
10 - Contribution to the Catastrophic Illness Fund................................................$175_______ _______
11 - Losses due to accidental causes of personal property ........................................... .......7,000_______ _______
12 - Mortgage interest ................................................ .....................................$1,000_______ _______
13 - Interest on student loans................................................... .....................$1,000_______ _______
14 - Young people who work................................................ .................................... ..$1,000______ _______
15 - Credit card interest ........................................................... ................................$1,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started