Arturo, a calendar year taxpayer, paid $25,800 in medical expenses and sustained a $30,960 casualty loss...
Arturo, a calendar year taxpayer, paid $25,800 in medical expenses and sustained a $30,960 casualty loss in 2019 (the loss occurred in a Federally declared disaster area). He expects $18,060 of the medical expenses and $21,672 of the casualty loss to be reimbursed by insurance companies in 2020. How much can Arturo include in determining his itemized deductions for 2019? Disregard %-of-AGI limitations or casualty loss floor in determining your answers. Before considering any limitations (or reductions) on deductions, Arturo can include $__________ of the medical expenses and $____________ of the casualty loss when determining his itemized deductions in 2019.
Homework Answers
$25800 of medical Expenses as Arturo is allowed to claim whatever expenses he incurred. it is upon the company to disregard some% of the expenses.
$30960 of casulty loss
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Arturo, a calendar year taxpayer, paid $25,800 in medical
expenses and sustained a $30,960 casualty loss...
LO.2 Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty...
LO.2 Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2020 the loss occurred in a Federally. declared disaster area). He expects $12,000 of the medical expenses and $14,000 of the casualty loss to be reimbursed by insurance companies in 2021. Before considering any limitations on these deductions, how much can Jayden include in determining his itemized deductions for 2020?
Problem 10-28 (Algorithmic) (LO. 2) In the current year, Roger pays a $2,500 premium for high-deductible...
Problem 10-28 (Algorithmic) (LO. 2) In the current year, Roger pays a $2,500 premium for high-deductible medical insurance for him and his family. In addition, he contributed $2,125 to a Health Savings Account a. How much may Roger deduct if he is self-employed and earned $86,800? Is the deduction for AGI or from AGI? If Roger is self-employed, he may deduct $ AGI. b. How much may Roger deduct if he is an employee (disregarding 10% AGI floor implications)? If...
In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000....
In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $225,000. The casualty loss was a personal loss, and the insurance recovered was $50,000 before any limitations. Wilson can claim a casualty loss as an itemized deduction of $______________ b....
1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of...
1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $190,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $475,000. The casualty loss was a personal loss, and the insurance recovered was $104,500 before any limitations. Wilson can claim a casualty loss as an itemized deduction of $....
Problem 17-31 (LO. 1) In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a...
Problem 17-31 (LO. 1) In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $225,000. The casualty loss was a personal loss, and the insurance recovered was $50,000 before any limitations. Wilson can claim a casualty loss as an itemized...
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100....
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) $67,600 27,040 1,352 Credit card interest Property taxes on home 20,280 Charitable contributions 37,180 State income tax 23,660 Tax return preparation fees 2,028 Round...
Problem 3-33 (0.1) In the current year, Wilson Enterprises, a calendar year taxpayer suffers a casual...
Problem 3-33 (0.1) In the current year, Wilson Enterprises, a calendar year taxpayer suffers a casual loss of $90,000. The casualty was attributable to a Federally dedared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? .. Wilson is an individual proprietor and has At of $225.000 The casual loss was a personal loss, and the insurance recovered was $50,000 before any limitations Wilson can dama casualty loss as an itemized deduction of...
Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and...
Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return...
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...
Janice, age 32, earns $50,000 working in 2019. She has no other income. Her medical expenses...
Janice, age 32, earns $50,000 working in 2019. She has no other income. Her medical expenses for the year total $5,250. During the year, she suffers a casualty loss of $7,500 when her apartment is damaged by flood waters (part of a Federally declared disaster area). Janice contributes $10,000 to her church. On the advice of her friend, Janice is trying to decide whether to contribute $1,000 to a traditional IRA. Complete the table to show the effect the IRA...
LO.2 Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2020 the loss occurred in a Federally. declared disaster area). He expects $12,000 of the medical expenses and $14,000 of the casualty loss to be reimbursed by insurance companies in 2021. Before considering any limitations on these deductions, how much can Jayden include in determining his itemized deductions for 2020?
Problem 10-28 (Algorithmic) (LO. 2) In the current year, Roger pays a $2,500 premium for high-deductible medical insurance for him and his family. In addition, he contributed $2,125 to a Health Savings Account a. How much may Roger deduct if he is self-employed and earned $86,800? Is the deduction for AGI or from AGI? If Roger is self-employed, he may deduct $ AGI. b. How much may Roger deduct if he is an employee (disregarding 10% AGI floor implications)? If...
Problem 17-31 (LO. 1) In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $225,000. The casualty loss was a personal loss, and the insurance recovered was $50,000 before any limitations. Wilson can claim a casualty loss as an itemized...
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) $67,600 27,040 1,352 Credit card interest Property taxes on home 20,280 Charitable contributions 37,180 State income tax 23,660 Tax return preparation fees 2,028 Round...
Problem 3-33 (0.1) In the current year, Wilson Enterprises, a calendar year taxpayer suffers a casual loss of $90,000. The casualty was attributable to a Federally dedared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? .. Wilson is an individual proprietor and has At of $225.000 The casual loss was a personal loss, and the insurance recovered was $50,000 before any limitations Wilson can dama casualty loss as an itemized deduction of...
Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return...
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...
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