Part C

Based on your answer to part A what is the Hansen's taxable income for 2023? what is the tax liability for 2023?

Medical expenses before "floor" Interest on home mortgage (acquisition debt) of $300,000 Interest on home equity loan used to improve the home Interest on credit cards Property taxes on home Charitable contributions State income tax $30,000 10,000 3,000 800 13,000 17,000 15,000 a. What is John and Betty's AGI for 2023 ? Gross income =260,000 Ss benefits =23,529 Total gross income =283,529 Total deductions: 30,000+10,000+3,000+800+13,000+17,000+15,000=88,800 AGI=283,52988,800=194,729 b. What is the amount of itemized deductions the Hansens may claim? 30,000+10,000+3,000+800+13,000+17,000+15,000=83,8% c. Based on your answer to part (a), what is the Hansen's taxable income for 2023 ? What is the Hansen's tax liability for 2023