TAX IS FOR THE UNITED STATES

d. Ramon has decided to make a cash gift to the American Heart Association of $85,400. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32% income tax bracket, an increase from his current-year income tax bracket of 24%. Assume a 6% discount rate. The present value factors, at a 6% discount rate, are as follows: Year PV Factor at 6% 0.9434 1 3 0.8396 5 0.7473 If required, round your final answers to the nearest dollar. Ramon asks you to determine the tax savings from the tax deduction in present value terms if he were to make the gift this year, rather than delay the gift until next year. 19,336 X Total present value of tax savings from the tax deduction if made this year: $ Total present value of tax savings from the tax deduction if made next year: 24,319 X Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses before the 7.5%-of-AGI limitation $15,575 7,200 1,400 2,800 5,900 State and local income taxes State sales tax Real estate taxes Home mortgage interest Credit card interest Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses 1,100 2,400 8,300 5,500 Calculate Stacey's allowable itemized deductions for the year. 25,150 X $ Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $364,200. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $53,800 Home mortgage interest (loan qualifies as acquisition indebtedness) 21,520 Credit card interest 1,076 Property taxes on home 16,140 Charitable contributions 29,590 State income tax 18,830 Tax return preparation fees 1,614 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. 94,514 x