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The standard deduction for married filing separate is $12,400. If required, round any computation to the nearest dollar. b. Diego's gross income is $, and
The standard deduction for married filing separate is $12,400.
If required, round any computation to the nearest dollar.
b. Diego's gross income is $, and his AGI is $
c. Compute the amount of his total itemized deductions (after any limitations): $
d. Compute his taxable income. $
Diego, age 56, a school teacher, is married and has decided to file married, filing separately. His wife plans to itemize her deductions. He has the following income and expenses in 2020: Salary income $31,000 Gain on sale of investments 5,000 Cash prize 750 Jury fees 50 Credit card interest 345 Property tax on personal sailboat 800 Medical expenses 10,614 Interest paid on his student loans 1,800 Teacher supplies for his second grade elementary class 500 State income tax 2,100 Federal income tax $6,400Step by Step Solution
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