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Compute the taxable income for 2020 under each of the following circumstances: Jim is married and files a joint return. Jim and his wife have
Compute the taxable income for 2020 under each of the following circumstances: Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income of $30,000 and itemized deductions of $24,500. In the answer I found they took the standard deduction of $24,000, why if the itemized deduction is higher?
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