Which of the following, if any, is a deduction for AGI? a. State and local sales...
Which of the following, if any, is a deduction for AGI?
a. State and local sales taxes.
b. Interest on home mortgage.
c. Charitable contributions.
d. Unreimbursed moving expenses of an employee (not in the military).
e. None of these.
Homework Answers
Answer is Option e) None of these
First 3 options are not eligible for deductions
Option 4 is deductible only if moving expenses are in for active duty military moving due to military orders.
Hence Answer is Option is e) None of theses
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Which of the following, if any, is a deduction for
AGI?
a. State and local sales...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI....
Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This year they have recorded the following expenses: Home mortgage interest (acquisition debt of $300,000) $16,640 Real estate taxes 5,400 State income taxes paid 6,300 Medical expenses (unreimbursed) 1,800 Employee business expenses (unreimbursed) 450 Charitable contributions (cash to their church) 760 Karin and Chad will file married jointly. Calculate their taxable income. This question does not ask for the standard deduction found on other...
Daniel and Marion (ages 52 and 51, respectively) file a joint return. Their AGI is $167,900...
Daniel and Marion (ages 52 and 51, respectively) file a joint return. Their AGI is $167,900 (which includes taxable interest of $3,700). They have put together the following list of expenses: Unreimbursed medical expenses $27,743 Real estate taxes (main home) 4,400 State and local income taxes withheld 1,200 Federal income tax withheld 22,300 General sales tax paid 785 Mortgage interest (main home) 15,200 Credit card interest 945 Investment interest 5,000 Charitable contributions (cash, with receipts) 6,400 Compute their total...
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020....
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses before the 7.5%-of-AGI limitation $15,575 State and local income taxes 7,200 State sales tax 1,400 Real estate taxes 2,800 Home mortgage interest 5,900 Credit card interest 1,100 Charitable contribution 2,400 Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) 8,300 Unreimbursed employee expenses 5,500 Calculate Stacey's...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI...
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Which of the following, if any, is a deduction for AGI? a. Contributions to a traditional...
Which of the following, if any, is a deduction for AGI? a. Contributions to a traditional Individual Retirement Account. b. Child support payments. c. Funeral expenses. d. Loss on the sale of a personal residence. e. Medical expenses.
John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A...
John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A given the following deductions: 1. Medical and dental expenses = 2,400 2. Real estate taxes from rental properties = 1,680 3. State income taxes withheld on W-2 = 6,700 4. Real estate taxes from personal residence = 3,550 5. Mortgage interest = 15,800 6. Investment interest = 130 7. Cash charitable contributions = 1,770 8. Noncash charitable contributions = 10,760 9. Unreimbursed employee expenses...
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000...
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation State and local income taxes $15,575 7,200 1,400 State sales tax Real estate taxes Home mortgage interest 2,800 5,900 1,100 Credit card interest 2,400 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally...
Pedro, who is a single taxpayer, had AGI of $373,800 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $373,800 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $14,420 State and local income taxes $11,214 Real estate taxes $2,243 Home mortgage interest $18,690 Charitable contributions $4,486 Deductible investment interest expense $1,682 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $_____________________
Pedro, who is a single taxpayer, had AGI of $337,400 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $337,400 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $12,620 State and local income taxes $10,122 Real estate taxes $2,024 Home mortgage interest $16,870 Charitable contributions $4,049 Deductible investment interest expense $1,518 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI of $277,000 for 2019. He incurred the following expenses and losses during the year: $44,225 Medical expenses before the 10%-of-AGI limitation State and local income taxes 2,700 State sales tax 2,900 Real estate taxes 13,400 Home mortgage interest 12,800 Credit card interest 815 11,700 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses...
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation State and local income taxes $15,575 7,200 1,400 State sales tax Real estate taxes Home mortgage interest 2,800 5,900 1,100 Credit card interest 2,400 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally...
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