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For calendar year 2021, Anna and Betty Hansen (ages 59 and 60) file a joint return reflecting AGI of $280,000. They incur the following expenditures:
For calendar year 2021, Anna and Betty Hansen (ages 59 and 60) file a joint return reflecting AGI of $280,000. They incur the following expenditures:
Medical expenses before 7.5%-of-AGI floor | $30,000 |
Casualty loss caused by electrical fire in their home | 30,000 |
Interest on home mortgage | 11,000 |
Interest on credit cards | 800 |
Property taxes on home | 13,000 |
Charitable contributions | 17,000 |
State income tax | 15,000 |
Tax return preparation fees | 1,200 |
What is the amount of itemized deductions the Hansens may claim?
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