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Hilda had gross income of $62,000, a deductible IRA contribution of $2,000, medical expenses of $5,000,...

Hilda had gross income of $62,000, a deductible IRA contribution of $2,000, medical expenses of $5,000, mortgage interest paid of $5,500, and other itemized deductions of $3,000 this year. What is the total of her itemized deductions for this year?

a.

$7,800.
b.

$8,500.
c.

$13,500.
d.

$15,500.
e.

None of the above.
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Answer #1

The answer is option D none of the above because deduction on medical expenses allowed is 7.5% of AGI that is $4,500 and mortgage interest allowed deduction in $5,500 and the limit for that deduction is $7,50,000 therefore the whole amount is allowed as deduction and other itemized deduction is not allowed under the IRA under 2018. As the total comes $10,000 for the deduction and the option is not there so the answer i none of the above.

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