Question
George is single and age 56, has AGI 95,000, and incurs the following expenditures in 2021: Medical expenses (before 7.5%-of-AGI floor) $25,000 Loan from his
George is single and age 56, has AGI 95,000, and incurs the following expenditures in 2021: Medical expenses (before 7.5%-of-AGI floor) $25,000 Loan from his mother 4,000 Interest on home mortgage 15,500 Interest on automobile loan 2,400 Student loan interest $800 State income tax 7,500 State sales tax 4,500 Real estate tax 8,600 Charitable contribution 6,500
What is the standard deduction for George and What is the amount of deduction FOR AG, What is the amount of itemized deductions George may claim.
Should George take the standard deduction or itemize
What is George's AGI?
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