Pedro, who is a single taxpayer, had AGI of $343,000 for 2017. He incurred the following...

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Pedro, who is a single taxpayer, had AGI of $343,000 for 2017. He incurred the following...

Pedro, who is a single taxpayer, had AGI of $343,000 for 2017. He incurred the following expenses during the year:

Medical expenses before 10%-of-AGI limitation $20,900
State and local income taxes $10,290
Real estate taxes $2,058
Home mortgage interest $17,150
Charitable contributions $4,116
Deductible investment interest expense $1,544

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.
$

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Answer 1

Answer #1

Particular	Amounts
State and local income tax	10290
Real estate taxes	2058
Home mortgage interest	17150
Charitable contribution	4116
Total	33614
Reduction equal the lower of the following
a) 80% of itemized deduction subject to limitation (33614*80%)26891
b) 3%*(343000-259400) 2508
Deductible itemized deduction subject to overall limitation	( 2508)
itemized deduction subject to overall limitation	31106
Investment interest	1544
Total itemized deduction	32650

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Answer 2

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Pedro, who is a single taxpayer, had AGI of $343,000 for 2017. He incurred the following...

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Pedro, who is a single taxpayer, had AGI of $373,800 for 2017. He incurred the following...

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