Question
Jan, a single taxpayer, has adjusted gross income of $127,000, medical expenses of $10,000, home mortgage interest of $3,000, property taxes of $2,000, and miscellaneous
Jan, a single taxpayer, has adjusted gross income of $127,000, medical expenses of $10,000, home mortgage interest of $3,000, property taxes of $2,000, and miscellaneous itemized deductions of $3,500
A. Calculate Jan's itemeized deductions. (Enter a "0" for amounts with a zero balance. Assume Jan is under 65 and the tax year is 2014.)
Itemized Deductions
Medical Expenses
Home mortgage Interest
Property taxes
Misc itemized deductions
Total Itemized deductions
Standard Deduction
Jan should claim the __________________________ because it results in a larger deduction
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
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