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Robert Jones is single and reports AGI of $200,000 in 2020. He also provided the following information about his expenditures during the year: $17,000 $2.500
Robert Jones is single and reports AGI of $200,000 in 2020. He also provided the following information about his expenditures during the year: $17,000 $2.500 $5,000 $500 Medical expenses State Income Taxes Property Taxes Local Sales Tax per IRS table Mortgage interest Contribution to Traditional IRA Cash Contributions to a Qualified Charity Investment Interest $30,000 $2,000 $175,000 $175 Additional Information 1) Robert also received reimbursements of $1,000 from his medical insurance company during 2020. 2) The total mortgage interest paid can be allocated as follows: 1) $20,000 from the mortgage used to purchase his principal residence in 2016. The average mortgage balance for 2020 was $800,000. 11) $10,000 for a home equity mortgage taken out in 2020 he used to purchase a Tesla. The average balance was $30,000 for all of 2020. 3) He had no investment income during 2020. 4) He is not an active participant in a qualified retirement plan Required: What are Robert's total allowed itemized deductions for 2020? Robert Jones is single and reports AGI of $200,000 in 2020. He also provided the following information about his expenditures during the year: $17,000 $2.500 $5,000 $500 Medical expenses State Income Taxes Property Taxes Local Sales Tax per IRS table Mortgage interest Contribution to Traditional IRA Cash Contributions to a Qualified Charity Investment Interest $30,000 $2,000 $175,000 $175 Additional Information 1) Robert also received reimbursements of $1,000 from his medical insurance company during 2020. 2) The total mortgage interest paid can be allocated as follows: 1) $20,000 from the mortgage used to purchase his principal residence in 2016. The average mortgage balance for 2020 was $800,000. 11) $10,000 for a home equity mortgage taken out in 2020 he used to purchase a Tesla. The average balance was $30,000 for all of 2020. 3) He had no investment income during 2020. 4) He is not an active participant in a qualified retirement plan Required: What are Robert's total allowed itemized deductions for 2020
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