Homework Answers
| Answer | |
| Point - 1. | Add up the deductions that are subject to the 2% rule.860+1290+85+2580 = 4815 (Line 23 of Schedule A) |
| Point - 2. | Figure 2% of his AGI. .02 X 92700 = 1854 (Line 25 of Schedule A) |
| Point - 3. | Subtract 2% of his AGI from his deductions that are subject to the rule. 4815-1854 = 2961 (Line 26 of Schedule A) |
| Point - 4. | Even though he had expenses totalling $4815, because these particular expenses were subject to the 2% rule, his net deduction that he will receive on his return for these expenditures is only 2961. |
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