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Tax homework: Gross Income, AGI income, and total itemized deductions calculations. An explanation would be appreciated as well. Thanks! Daniel, age 38, is single and
Tax homework: Gross Income, AGI income, and total itemized deductions calculations. An explanation would be appreciated as well. Thanks!
Daniel, age 38, is single and has the following income and expenses in 2017: Salary income Net rent income Dividend income Payment of alimony 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 $129,000 17,500 900 10,000 5,700 3,000 4,500 2,300 1,825 6,350 750 4,700 Daniel's standard deduction for 2017 is $6,350 and his personal exemption is $4,050 a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible" Payment of alimony Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) n to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income taxStep by Step Solution
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