Canvas Homework Assignment: Ch 6 Deductions and Losses - in General SHOW YOUR WORK FOR CREDIT P6-35. Janice, age 32, earns $50,000 working in 2020. She has no other income. Her medical expenses for the year total $4,000. During the year, she suffers a casualty loss of $7,500 when her apartment is damaged by flood waters (part of a Federally declared disaster area). Janice contributes $10,000 to her church. On the advice of her friend, Janice is trying to decide whether to contribute $1,000 to a traditional IRA. Don't forget to apply the floors to medical and casualty Complete the table to show the effect the IRA contribution would have on Janice's itemized deductions. Show your work on a separate page. With IRA Contribution Without IRA Contribution Gross Income 0 Contribution to IRA -1.000 AGI Itemized Deductions Charitable contribution Medical expenses Casualty loss Total itemized deductions How did contributing to the IRA affect Janice's itemired deductions? By how much did the $1,000 IRA contribution affect lanice's Taxable income