38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in...

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38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitati

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Answer 1

Answer #1

The amount of itemized deduction Evan may claim are

Medical expeses = $29,000

Less: AGI limit(7.5% x 277,300) =(20,798)

Taxes [3,600 +9,500 = 13,100 > 10,000 limit] = 10,000

Charitable Contributions = 2,500

Interest on Home Mortgage = 8,700

Evans Itemized Deductions = $29,402

The Evans itemized deductions is $29,402

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