In 2020, Sarah, a single individual, reported the following items of income and deduction: (Click the icon to view the items.) Click the icon to view the standard deduction amounts.) Requirement Sarah owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2020? Begin by determining whether Sarah is entitled to a deduction for rental real estate activities. (Enter "o" if Sarah is not eligible for the deduction) The deduction for rental real estate losses is Now determine the taxable income for 2020. Begin by calculating the adjusted gross income (AGI). Adjusted gross income (AGI) Now calculate the itemized deductions Total itemized deductions Compute her taxable income for 2020. Adjusted gross Income (AGI) Minus: Deductions from AGI In 2020, Sarah, a single individual, reported the following items of income and deduction: Click the icon to view the items.) (Click the icon to view the standard deduction amounts.) Requirement Sarah owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2020? The deduction for rental real estate losses is Now determine the taxable income for 2020. Begin by calculating the adjusted gross income (AGI). Adjusted gross income (AGI) Now calculate the itemized deductions. Total itemized deductions Compute her taxable income for 2020. Adjusted gross income (AGI) Minus: Deductions from AGI Taxable income In 2020, Sarah, a single individual, reported the following items of income and deduction amounts - X Data Table - 1 Reference $ 24 hod 1 Salary Interest income Long-term capital gain from ales of stock Short-term capital losses from sales of stock Loss from a passive rental real estate activity Interest expense on loan to purchase stock Qualified residence interest on residence Charitable contributions Property taxes on residence Tax return preparation fees Unreimbursed employee business expenses 160.000 16,000 27.000 113,000) 155,000) 124,0001 114,000) 16.500) (5,0001 12,500) (1,900) T. 13400 STANDARD DEDUCTION Filing Sa Married individuals filing joint returns and surviving spouses Heads of household Unmarried individuals (other than surviving spouses and heads of household Married individuals filing separate returns Additional standard deduction for the aged and the blind Individual who is married and surviving spouses Additional standard deduction for the aged and the blind Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's retum. Greator of (1) earned income plus 5350 or (2) $1,100 These amounts are $2,600 and $3,300. respectively for a payer who is both aged and ind. 5 2.400 $1300 11 Print Done Print Done TOT Minus Deductions from AGI Taxable income