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Can I get a breakdown that explains why the itemized deductions total is $25,059? And also an explanation of the scenario? (scenario is the top
Can I get a breakdown that explains why the itemized deductions total is $25,059? And also an explanation of the scenario? (scenario is the top picture)
So the top part is the actual assignment - I have to respond as if I'm responding to a client in an email.. The first time I posted this, an expert said said that the total itemized deductions would be $25,059 and I don't understand why. Is that even right? And how much more does the "client" need to contribute for it to benefit their tax return?
I need help breaking this down like it's an email looking for someone who can dumb it down for me so that I understand. To figure out how much of an additional contribution you would need to make to itemise deductions in 2022, you will need to add up all of your itemised deductions, including the additional contribution you are considering. These would include qualified medical and dental expenses, real estate taxes, state income taxes, qualified mortgage interest, and noncash donations to charity. For example, if you want to make a cash contribution of $15,000 and a stock contribution of $3,000 (FMV) with a cost of $2,500, your total itemised deductions would be $25,059. This includes the $5,769 in eligible medical and dental costs, the $3,590 in real estate taxes, the $0 in state income taxes, the $5,053 in eligible mortgage interest, the $15,000 cash contribution, and the $3,000 stock contribution Step by Step Solution
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