Explain how the Fergusons itemized deductions were computed. Discuss whether or not the Tax Cuts and Jobs Act ("TCJA) by nearly doubling the standard deduction, eliminating the Pease limitation, and/or restricting many itemized deductions in 2018 through 2025 might have made itemizing tax deductions less advantageous for many taxpayers.

Refer to the Publication 529 (Rev. December 2020) (irs.gov) Links to an external site. to support your analysis and explanation.