Problem 1: Craig is a 35-year-old single taxpayer with no dependents. Craig has no tax credits and had $10,000 of federal income tax withheld from his paycheck. Other information needed to prepare Craig's 2020 individual income tax return is as follows: Salary (the salary is Craig's only income for 2020) Interest paid on student loan Interest paid on student loans is a for AGI ("above-the-line") deduction, but it is subject to limits relevant to this problem. (See chapter 6) Total itemized deductions Calculate Craig's: 1. 2. 3. 4. 5. Total Income Adjusted Gross Income Faxable Income Tax Taxes due or refund $ 73,000 (12,000) (11,800)