Suzanne, who is a head of household, has the following deductions before considering any phaseouts: Interest on
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Interest on qualified acquisition debt........................$9,800
Real property taxes...............................................3,000
State income taxes................................................5,000
Charitable contributions.........................................2,500
Calculate her itemized deductions after any phaseout for each of the following independent situations:
a. Her AGI is $200,000.
b. Her AGI is $320,000.
c. Her AGI is $425,000.
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Related Book For
Taxation For Decision Makers 2017
ISBN: 9781119330417
7th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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