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Tyrone, who is single and under age 65, had the following income in 2016: $59,800 in wages $200 in interest $10,000 in gambling winnings $5,000
Tyrone, who is single and under age 65, had the following income in 2016:
- $59,800 in wages
- $200 in interest
- $10,000 in gambling winnings
- $5,000 in short-term capital gains.
Tyrone filed a Schedule A, Itemized Deductions, for 2016. While preparing that schedule, Tyrone, who had no above-the-line deductions, listed the following below-the-line deduction items he had incurred during the year:
- $2,500 in medical expenses
- $8,000 of mortgage interest paid
- $2,000 in real estate taxes
- $1,600 in state taxes
- $12,000 in gambling losses
- $3,400 in unreimbursed employee business expenses.
What is the total amount of Schedule A itemized deductions that Tyrone can report in 2016?
$27,500. $23,500. $25,000. $20,100.
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