This year (2022), Teresa purchased a personal residence at a cost of $950,000. She borrowed $800,000 secured by the home to make the purchase. This year, she paid interest expense on this mortgage of $40,000. How much mortgage interest may she deduct as an itemized deduction?

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Marissa, who files as a single taxpayer, has AGI of $140,000 in 2022. She incurred the following expenses during the year:

State and local income taxes	5,800
Contributions to a Health Savings account	3,200
Student loan interest	4,000
Home mortgage interest	8,000
Roth IRA contribution	2,800
Traditional IRA contribution	2,400
Health insurance premiums	6,000
Gambling losses (gambling winnings were $2,000)	400

Assuming Marissa is NOT self-employed, Marissa's allowable deductions FOR AGI (above the line) are:

$7,700

$5,200

$9,200

$5,600

$8,200