Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Evan is single and has AGI of $277,300 in 2020. Mis potential itemized deductions before any limitations for the year total $52,300 and consist of

image text in transcribed
image text in transcribed
Evan is single and has AGI of $277,300 in 2020. Mis potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim? Do not round intermediate calculations. Round medical deduction and final answer to the nearest dollar. Evan's total itemized deduction is For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $321,300. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $49,000 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,600 Credit card interest 980 Property taxes on home 14,700 Charitable contributions 26,950 State income tax Tax return preparation fees 1,470 17.150 Round your final answers to the nearest whole dollar Calculate the amount of itemized deductions the Gibsons may claim for the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2016

Authors: Bernard J. Bieg, Judith Toland

26th edition

978-1305665910, 1305665910, 1337072648, 978-1337072649

Students also viewed these Accounting questions

Question

How did QVC grow into a successful company?

Answered: 1 week ago

Question

1. Who names the problem or asks the questions?

Answered: 1 week ago

Question

Different formulas for mathematical core areas.

Answered: 1 week ago