Question
Derek and his wife Martha were in a bad car accident in December 2019. Martha unfortunately died. They had no children. What is Derek's filing
Derek and his wife Martha were in a bad car accident in December 2019. Martha unfortunately died. They had no children. What is Derek's filing status? should Derek take the standard deduction or itemize? what are his taxable deductions if he itemizes? what are his deductions if he standardize? Dereck's gross income was $101,000 (Derek's salary $60k and Martha's salary $41k) plus insurance reimbursed for $30,000 for the value of the car that was damaged in the accident and $20,000 in life insurance payment from Martha's employer's group term life insurance plan with premiums less than $50k. Derek has the following expenditures for 2019: Medical Expenses (not covered by insurance): $7,200 Taxes: Property taxes on home personal resident: $3,600 Taxes: State of California income tax $4,200 Interest on home mortgage $6,000 Charitable contributions $3,600 Traffic fines $400 Contribution to Republican Party $500 Funeral expenses for his wife's ceremony $6,300
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