Question
Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $180,000. Married filing jointly standard deduction is
Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $180,000. Married filing jointly standard deduction is $24,800 for 2020. They own their home. They have the following itemized deductions: Should Donna and Brian itemize their deductions or use the standard deduction?
| Medical Bills and Health Insurance | $26,000 |
| Property tax | $1,250 |
| Mortgage Interest expense | $5,500 |
| State sales taxes | $7,000 |
| Miscellaneous deductions | $3,600 |
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Financial Accounting
Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin
7th Canadian Edition
0135433061, 9780135433065
