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Calculate the maximum itemized deductions the married taxpayers (both under 65) can deduct in 2020 -AGI is $100,000 -Medical expenses $14,000 -State withholding tax $9,000
Calculate the maximum itemized deductions the married taxpayers (both under 65) can deduct in 2020
-AGI is $100,000
-Medical expenses $14,000
-State withholding tax $9,000
-Real estate tax $6,700
-Qualified mortgage interest $12,500
-Charitable contributions to qualified charities:
i. Cash of $50,000 to the First Baptist Church ii. An antique painting held for more than one year to United Way. The painting will be sold by the charity. Cost $20,000; Fair market value $80,000. iii. An antique painting held for more the one year to American Heart Foundation. The painting will be used by the charity in its work. Cost $20,000; Fair market value $80,000 iv. Coca Cola stock held long term to First United Methodist Church. Cost $10,000; Fair market value $30,000. v. Horizon stock held for four months. Cost $12,000; Fair market value $20,000.
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