Question
Taxpayers generally deduct the greater of their standard deduction or their itemized deductions. Misti purchased a residence this year. Misti, age 32, is a single
Taxpayers generally deduct the greater of their standard deduction or their itemized deductions. Misti purchased a residence this year. Misti, age 32, is a single parent and lives with her 1-year-old daughter. This year, Misti received a salary of $160,000 and made the following payments (all substantiated with source documents):
Home mortgage interest ($400,000 acquisition debt) $15,000
Real estate taxes 1,525
State income taxes paid 1,340 Income tax preparation fee 2,250
Charitable contributions (cash to their church) 120
Misti files as a head of household. Calculate her taxable income this year 2020.
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