Taquin, age 67 is single and blind, paid home mortgage interest of $6,000, charitable contributions of...

Question

Question

Taquin, age 67 is single and blind, paid home mortgage interest of $6,000, charitable contributions of $5,000 and property ta

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

The deduction from AGI could be higher of itemized deduction or standard deduction for 2020

Itemized deduction	6000+5000+11000
Itemized deduction	$22,000

Standard deduction for 2020 is 12400 and since he is blind standard deduction would increase by 1650
Total standard deduction	12400+1650
Total standard deduction	$14,050

The deduction from AGI would be higher of $22,000 or $14,050 that is $22,000
Thus, deduction from AGI is $22,000

Add a comment

Answer 2

Similar Homework Help Questions

Taquin, age 67 is single and blind, paid home mortgage interest of $6,000, charitable contributions of...

Taquin, age 67 is single and blind, paid home mortgage interest of $6,000, charitable contributions of $5,000 and property taxes of $11,000 in 2020. He has no dependents. Taquin will claim a deduction from AGI of Select one: O a. $22,000 O b. $15,700 c. $14,050. O d. $21,000
Jordan is a calendar year, cash basis taxpayer. He is single, age 67, not blind, and...

Jordan is a calendar year, cash basis taxpayer. He is single, age 67, not blind, and cannot be claimed as a dependent by anyone else. Based on the following information, what is his taxable income for 2019? Wages from part-time employment $25,000 Holiday bonus paid in Bitcoin $500 Distribution from a traditional IRA $12,000 Interest on savings account $200 Inheritance received upon death of brother $2,500 Total charitable contributions $5,000 Total state income taxes paid $6,000
3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable...

3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable contributions State and local income taxes Alimony All of the above are deductible from AGI 4. John is a calendar-year taxpayer whose wife died in August of 2019. His eight year-old son lives with him. During 2019, he had salary income of $47,000, $600 of dividend income, and received $50,000 as the beneficiary on his wife's life insurance policy. He made a $5,000 contribution...

8. Ed is single with no dependents. He has receipts for the expenses listed below that...

8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions for 2019? • $8,000 in unreimbursed medical expenses • 55,400 in state and local income taxes • $6,000 in real estate taxes • $400 in ad valorem personal property taxes • $4,300 in mortgage interest • $1,800 in interest from a home equity loan used to pay credit card debt...
1. Fred and Anna are married and file a joint return for 2018. Fred is over...

1. Fred and Anna are married and file a joint return for 2018. Fred is over age 65 and Anna is legally blind. They have AGI for the year of $50,000. They also have mortgage interest of $13,000, charitable contributions of $1,500 and real property taxes on their home of $11,000. What is their taxable income for 2018? a. $24,500 b. $23,400 C. $25,500 d. $26,000 e. None of the above
is this correct answer? Note: Please select b. False as the correct answer. Year-end legislation changed...

is this correct answer? Note: Please select b. False as the correct answer. Year-end legislation changed the medical expense deduction floor to 7.5%. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions? $ (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 11800 • $8,000 in unreimbursed medical expenses • $5,400 in state and local...

Tony and Pepper are married, under 65, and are not blind. Tony died in 2019. They...

Tony and Pepper are married, under 65, and are not blind. Tony died in 2019. They have one child, Morgan (under the age of 17), that Pepper continues to provide a home and 100% support for. Tony had W2 earnings of $200,000 for the year, withholding of $35,000. Pepper didn’t have any earnings in 2019; however, she did receive a $2 million insurance policy payout as a result of Tony’s death. Prior to his death, Tony sold an old business...
2019 Federal Tax Law Update Test for Circular 230 - Federal Tax Law Update Test for...

2019 Federal Tax Law Update Test for Circular 230 - Federal Tax Law Update Test for Circular 230 Professionals - Question 8 of 9. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions for 2019? $8,000 in unreimbursed medical expenses $5,400 in state and local income taxes $6,000 in real estate taxes $400 in ad valorem personal property taxes...
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...

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

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 limitations for the year total $52,300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deduc- tions Evan may claim?

Taquin, age 67 is single and blind, paid home mortgage interest of $6,000, charitable contributions of...

Homework Answers