Mara, age 32, earns $60,000 working in 2022. She has no other income. Her medical expenses for the year total $6,000. During the year, she suffers a casualty loss of $9,500 when her apartment is damaged by flood waters (part of a Federally declared disaster area). Mara contributes $6,000 to her church and pays $4,000 of state income taxes. On the advice of her friend, Mara is trying to decide whether to contribute $5,000 to a traditional IRA. Complete the table to show the effect the IRA contribution would have on Maria's itemized deductions. Gross income Contribution to IRA AGI With IRA Contribution 60,000 (5,000) 55,000 Without IRA Contribution 60,000 0 60,000 Itemized deductions: Charitable contribution 6,000 6,000 State income taxes 1,875 X 1,500 X Medical expenses $ 3,900 X 3,400 X Casualty loss 11,775 X 10,900 X Total itemized deductions 43,225 X 49,100 X The $5,000 IRA contribution would increase contribution reduces her taxable income by $ Mara's itemized deductions by $ 49,100 X 43,225 X. As a result, the $5,000 IRA Feedback Check My Work Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grading