Question
Kyle (44) and Elise (39) Terry have four children. Kyle works for Lockheed Martin as a flight engineer and Elise is a freelance writer/editor. Their
Kyle (44) and Elise (39) Terry have four children. Kyle works for Lockheed Martin as a flight engineer and Elise is a freelance writer/editor. Their family is covered by a qualified High Deductible Health Insurance Plan. Kyle's gross pay is $120,000 nd Elise's net earnings from self-employment is $75,000. Their children are Jacob(16), Katie(14), Rachael(12), and Luke(10). For the current tax year, Kyle and Elise prepared for retirement. Kyle's plan is a profit sharing plan and Elise utilizes a SEP IRA. Kyle's employer contributes 14% of his gross pay to the profit sharing plan. Kyle pays the health insurance premiums through his employer's cafeteria plan, his portion of the health insurance premiums are $7,000 per year. Kyle also incurred the following expenses during the year: $1,900 in student loan interest, $4,000 contribution to Utah's 529 plan ($1,000 for each child, kyle lives in Georgia); State income taxes of $12,000; property taxes of $4,000; mortgage interest of $10,000; and $1,000 to their university alumni fund, and gave $300 worth of clothing to the Goodwill. Kyle and Elise also gave appreciated stock to their church. Kyle is an avid investor and purchsed Apple stock for the equivalent of $5 per share. He and Elise donated 200 shares (basis $5/share, FMV at the time of gift $110/share) of Apple stock to their church.
Questions:
What is the amount of their student loan interest deduction?
What is the amount of Kyle and Elise's charitable deduction?
What is the amount of Kyle and Elise's total itemized deductions?
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