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KERSsignmentSession locator assignment-takeinprogress=false eBook Calculator Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2019: Salary
KERSsignmentSession locator assignment-takeinprogress=false eBook Calculator Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2019: Salary income Net rent income Dividend income Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax $171,000 16,500 500 8,000 8,300 3,000 3,600 2,300 450 6,000 2,400 6,200 Federal income tax Daniel's standard deduction for 2019 is $12,200. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible Payment of alimony Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Previous Check My Work Submit Assignment Email Instructor Save and Exit TULCE wcom/ilm/takeAssignment takeAssignment Main.doFinvokerwassignmentsstake AssignmentSessionLocatoreassignment-takeinprogressefalse 0 eBook Calculator Medical expenses State income tax Federal income tax 6,000 2,400 6,200 Daniel's standard deduction for 2019 is $12,200 a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: h e would benefit from b. Should Daniel itemize his deductions from AGI or take the standard deduction Because Daniel's total itemized deductions (after any limitations) are s Previous Next Check My Work Save and Exit Submit Assignment for Gradi
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