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Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2021: Salary income $99,000 Net rent income

Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2021: Salary income $99,000 Net rent income 19,500 Dividend income 900 Payment of alimony (divorce finalized in March 2019) 22,000 Mortgage interest on residence 7,000 Property tax on residence 3,800 Contribution to traditional IRA (assume the amount is fully deductible) 3,000 Contribution to United Church 2,900 Loss on the sale of real estate (held for investment) 1,950 Medical expenses 5,650 State income tax 750 Federal income tax 6,500 Daniel's standard deduction for 2021 is $12,550. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $fill in the blank 4ed240f8cfe0065_10 AGI: $fill in the blank 4ed240f8cfe0065_11 b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $fill in the blank bb207df6b049f91_1 , he would benefit from .

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