Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In 2021, Markus pays a $4,800 premium for high-deductible medical insurance for himself and his family. In addition, he contributes $3,000 to a Health
In 2021, Markus pays a $4,800 premium for high-deductible medical insurance for himself and his family. In addition, he contributes $3,000 to a Health Savings Account. If Marrkus is self-employed but does NOT itemize his deductions, taking the standard deduction instead, how much can Markus deduct FOR AGI on his 2020 tax return? Tony, a calendar year single taxpayer, has the following information for 2021: AGI $185,000 State income taxes 11,500 State sales tax 3,000 Real estate taxes 10,900 Gambling losses (gambling gains were $12,000) 1,000 Tony's allowable itemized deductions for 2021 are:
Step by Step Solution
★★★★★
3.49 Rating (152 Votes )
There are 3 Steps involved in it
Step: 1
Question 1 The AGI deduction will be equal to the amount contributed to the health saving account ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started