Question
Jack and Jill file a joint return for 2019 reflecting salaries of $110,000. They incur the following expenditures and income: Medical expenses of $9,000, Medical
Jack and Jill file a joint return for 2019 reflecting salaries of $110,000. They incur the following expenditures and income:
Medical expenses of $9,000, Medical Insurance premiums $7,000, Drug Rehab Program $1,000, Swimming lessons $300
Interest on Margin account $6,000, Mortgage Home Interest $10,000, Credit Card Interest $800,
State Income Tax $7,000, Property taxes, $9,000, Sales Tax $1,000.
Charitable contribution $6,000, Political contribution $100, Gambling losses $500, Casualty loss $3,000
Qualified Business income $20,000, Net Investment income $4,000
A. What is their AGI?
B. What is their Itemized Deductions?
C. What is their taxable Income?
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