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During 2020. Jed, a single, cash method taxpayer had the following income items and expenditures: (Click the icon to view the income items and expenditures.) (Click the icon to view the standard deduction schedule.) Read the requirements. Requirement a. Compute Jed's taxable income for the year (assuming that he makes an election to have the net capital gain taxed at Begin by calculating the adjusted gross income (AGI). (If an input field is not used in the table, leave the input field empty, do not selec Salary 80,000 Interest income 6,500 Net long-term capital gain 20.000 Net long-term capital loss (15,000) Adjusted gross income (AGI) 91,500 Now calculate the itemized deductions. (Complete all input fields. Enter a "0" for appropriate balances.) Medical expenses Less 7.5% of AGI 9,500 712.50 Excess medical expenses 8787.50 uring 2020, Jed, a single, cash method taxpayer had the following income items and expenditures: (Click the icon to view the income items and expenditures.) (Click the icon to view the standard deduction schedule.) Read the requirements. Vow calculate the itemized deductions. (Complete all input fields. Enter a "0" for appropriate balances.) Medical expenses 9,500 Less: 7.5% of AGI 712.50 Excess medical expenses Investment interest 8787.50 12000 Investment income 7300 Qualified residence interest 12500 5000 Tax preparation and consulting fees Total itemized deductions 45,587.50 Compute Jed's taxable income for the year. Adjusted gross income (AGI) 91500 2020, Jed, a single, cash method taxpayer had the following income items and expenditures: Click the icon to view the income items and expenditures.) Click the icon to view the standard deduction schedule.) the requirements. estment income ..... 7300 alified residence interest 12500 preparation and consulting fees 5000 al itemized deductions 45,587.50 mpute Jed's taxable income for the year. djusted gross income (AGI) 91500 nus: Deductions from AGI: Itemized deductions (45,587.50 axable income 45,912.50 equirement b. What is Jed's investment interest carryover (if any)? Jed's investment interest carryover is d incurred the following expenditures: $ 9,500 Qualified medical expenses Investment interest expense Other investment activity expenses 12,000 14,000 Qualified residence interest 12,500 2,300 Interest on loan on personal auto Charitable contributions State income tax paid State sales tax paid 3,000 7,300 4,800 Property taxes 3,600 Tax return preparation and consulting fees 5,000 ed's income consisted of the following items: Qualified residence interest 12,500 Interest on loan on personal auto 2,300 Charitable contributions 3,000 State income tax paid State sales tax paid 7,300 4,800 3,600 Property taxes Tax return preparation and consulting fees 5,000 Jed's income consisted of the following items: Salary 80,000 Interest income 6,500 Long-term capital gains 20,000 Long-term capital losses (15,000) During 2020. Jed, a single, cash method taxpayer had the following income items and expenditures: (Click the icon to view the income items and expenditures.) (Click the icon to view the standard deduction schedule.) Read the requirements. Requirement a. Compute Jed's taxable income for the year (assuming that he makes an election to have the net capital gain taxed at Begin by calculating the adjusted gross income (AGI). (If an input field is not used in the table, leave the input field empty, do not selec Salary 80,000 Interest income 6,500 Net long-term capital gain 20.000 Net long-term capital loss (15,000) Adjusted gross income (AGI) 91,500 Now calculate the itemized deductions. (Complete all input fields. Enter a "0" for appropriate balances.) Medical expenses Less 7.5% of AGI 9,500 712.50 Excess medical expenses 8787.50 uring 2020, Jed, a single, cash method taxpayer had the following income items and expenditures: (Click the icon to view the income items and expenditures.) (Click the icon to view the standard deduction schedule.) Read the requirements. Vow calculate the itemized deductions. (Complete all input fields. Enter a "0" for appropriate balances.) Medical expenses 9,500 Less: 7.5% of AGI 712.50 Excess medical expenses Investment interest 8787.50 12000 Investment income 7300 Qualified residence interest 12500 5000 Tax preparation and consulting fees Total itemized deductions 45,587.50 Compute Jed's taxable income for the year. Adjusted gross income (AGI) 91500 2020, Jed, a single, cash method taxpayer had the following income items and expenditures: Click the icon to view the income items and expenditures.) Click the icon to view the standard deduction schedule.) the requirements. estment income ..... 7300 alified residence interest 12500 preparation and consulting fees 5000 al itemized deductions 45,587.50 mpute Jed's taxable income for the year. djusted gross income (AGI) 91500 nus: Deductions from AGI: Itemized deductions (45,587.50 axable income 45,912.50 equirement b. What is Jed's investment interest carryover (if any)? Jed's investment interest carryover is d incurred the following expenditures: $ 9,500 Qualified medical expenses Investment interest expense Other investment activity expenses 12,000 14,000 Qualified residence interest 12,500 2,300 Interest on loan on personal auto Charitable contributions State income tax paid State sales tax paid 3,000 7,300 4,800 Property taxes 3,600 Tax return preparation and consulting fees 5,000 ed's income consisted of the following items: Qualified residence interest 12,500 Interest on loan on personal auto 2,300 Charitable contributions 3,000 State income tax paid State sales tax paid 7,300 4,800 3,600 Property taxes Tax return preparation and consulting fees 5,000 Jed's income consisted of the following items: Salary 80,000 Interest income 6,500 Long-term capital gains 20,000 Long-term capital losses (15,000)