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During 2020, Polly, who is a single, cash method taxpayer, reports the following income and expenditures. Assume no elections were made with respect to LTCG

During 2020, Polly, who is a single, cash method taxpayer, reports the following income and expenditures. Assume no elections were made with respect to LTCG and their tax rates.

Calculate Polly's (1) AGI , (2) Total Deductible Itemized Deductions , (3) Taxable Income , and provide Polly's investment interest expense carryforward to next year . Round all answers to the nearest dollar.

CategoryAmount
Salary85,000.00
Interest income6,500.00
LTCG17,000.00
STCL(15,000.00)
Qualified medical expenses7,000.00
Investment interest expense15,000.00
Qualified residence interest16,000.00
Interest on credit cards2,000.00
Charitable contributions5,500.00
State sales tax paid5,100.00
Property taxes4,000.00
Tax return prep/consulting fees250.00

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