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George is single and age 56, has AGI of $265,000, and incurs the following expenditures: Medical expenses (before 7.5%-of-AGI floor) $27,000 Interest on home mortgage
George is single and age 56, has AGI of $265,000, and incurs the following expenditures: Medical expenses (before 7.5%-of-AGI floor) $27,000 Interest on home mortgage 15,500 State income tax 7,500 State sales tax 4,500 Real estate tax 8,600 Charitable contribution 6,500 The year is 2020, what is the amount of itemized deductions George may claim?
- A. $39,125
- B. $43,625
- C. $45,225
- D. $49,725
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