Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Scenario 8 : Archie Hamilton Archie Hamilton is 4 5 years old and single. Archie had wage income of $ 5 5 , 0 0

Scenario 8: Archie Hamilton Archie Hamilton is 45 years old and single. Archie had wage income of $55,000. He also had gambling winnings of $1,000. He is not sure if he should itemize or take the standard deduction. Archie paid the following: o $5,200 qualifying home mortgage interest o $9,507 in real estate (property) taxes o $5,040 for state income taxes withheld in 2021 o Unreimbursed doctor and dentist bills in the amount of $7,000 o Unreimbursed prescription drugs for $14 o Vitamins for $120 o A statement received from his church showing donations made throughout the year totaling $1,200 o Receipts for donations of furniture and clothing in good, used condition to Goodwill. The total estimated fair market value is $100. o Tax preparation fee of $315 for his 2019 tax return. o $50 paid in 2020 on his 2019 balance due on his state income tax return o $45 investment expense o $250 in gambling losses
What is the total amount of state income and real estate taxes deductible on Archies Form 1040, Schedule A? a. $14,597 b. $14,547 c. $10,000 d. $9,507

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: LibbyShort

7th Edition

78111021, 978-0078111020

More Books

Students also viewed these Accounting questions