Please help with Req A "For AGI Charitable Contribution Deduction" as well as the other posted pics. thanks!
Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2020 and 2021), Trevor expects to report AGI of $80,000, contribute $8,000 to charity, and pay $2,800 in state income taxes. Required: a. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction for both years. b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2020. Estimate Trevor's taxable income for each of the next two years using the 2020 amounts for the standard deduction c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2020 and 2021) using the 2020 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $8,000 and state tax payments of $2,800 in each year. d. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction Complete this question by entering your answers in the tabs below. Req A Reg B Req Reg D Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction for both years. (Amounts to be deducted should be indicated with a minus sign.) 2020 2021 80,000 $ 80,000 $ Salary For AGI Charitable Contribution Deduction Itemized deductions Standard deduction Greator of standard deduction over itemized deductions Taxable income 10,800 12.400 (12,400) 67,600 $ 10.800 12.400 (12,400) 67,600 $ 202 deduction and also assuming Trevor makes the charitable contribution of $8,000 a state tax payments of $2,800 in each year. d. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will ce $2,000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the rea estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for standard deduction Complete this question by entering your answers in the tabs below. Req A Reg B Reg C ReqD Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2020. Estimate Trevor's taxable income for each of the next two years using the 2020 amounts for the standard deduction. (Amounts to be deducted should be indicated with a minus sign.) 2020 2021 Salary Itemized deductions Standard deduction 0 $ 0 Taxable income Total taxable income for the two years estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amount pays the standard deduction. Complete this question by entering your answers in the tabs below. Req A Reg B Reqc Req D Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2020 and 2021) using the 2020 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $8,000 and state tax payments of $2,800 in each year. (Amounts to be deducted should be indicated with a minus sign.) Show less 2020 2021 Salary Itemized deductions Standard deduction $ 0 $ 0 Taxable income Total taxable income for the two years and he estimates that additional property taxes and residential interest will cos $2.000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for th standard deduction Complete this question by entering your answers in the tabs below. Req A Req B Reg C Reg D Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction. (Amounts to be deducted should be indicated with a minus sign.) Show less 2020 2021 AGI Itemized deductions Standard deduction Taxable income Total taxable income for the two years $ 0 $ 0 estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amount pays the standard deduction. Complete this question by entering your answers in the tabs below. Req A Reg B Reqc Req D Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2020 and 2021) using the 2020 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $8,000 and state tax payments of $2,800 in each year. (Amounts to be deducted should be indicated with a minus sign.) Show less 2020 2021 Salary Itemized deductions Standard deduction $ 0 $ 0 Taxable income Total taxable income for the two years and he estimates that additional property taxes and residential interest will cos $2.000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for th standard deduction Complete this question by entering your answers in the tabs below. Req A Req B Reg C Reg D Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor's taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction. (Amounts to be deducted should be indicated with a minus sign.) Show less 2020 2021 AGI Itemized deductions Standard deduction Taxable income Total taxable income for the two years $ 0 $ 0
