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Required information [The following information applies to the questions displayed below.] Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time
Required information [The following information applies to the questions displayed below.] Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances: (Leave no answer blank. Enter zero if applicable.) a. Clem is self-employed, and this year he incurred $665 in expenses for tools and supplies related to his job. Because neither was covered by a qualified health plan, Wanda paid health insurance premiums of $3,750 to provide coverage for herself and Clem (not through an exchange). Deductible amount for AGI b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,300 in utilities and $995 in depreciation. Deductible amount for AGI c. Clem paid self-employment tax of $22,300 (the employer portion is $11,150), and Wanda had $4,900 of Social Security taxes withheld from her pay. Deductible amount for AGI d. Clem paid $76 to rent a safety deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires. Deductible amount for AGI
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