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Michael has AGI of $60,000 and deductions of $6,500. Does it matter to Michael whether the deductions are for or from AGI? Why or why
Michael has AGI of $60,000 and deductions of $6,500. Does it matter to Michael whether the deductions are for or from AGI? Why or why not? 5. Classify each of the following expenditures as deduction for AGI, a deduction from AGI, or not deductible: a. Amos contributes to his H.R. 10 plan (i.e., a retirement plan for a self-employed individual). b. Keith pays child support to his former wife, Renee, for the support of their son, Chris. c. Judy pays for professional dues that are reimbursed by her employer d. Ted pays $500 as the monthly mortgage payment on his personal residence. Of this amount, $100 represents a payment on principal, and $400 represents an interest payment. e. Lynn pays a moving company for moving her household goods to Detroit where she is starting a new job. She is not reimbursed by her employer. f. Ralph pays property taxes on his personal residence
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