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

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 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

Accepted Answer

The Answer is in the image, click to view ...

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

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Comparative International Accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question