Which of the following taxpayers would benefit from itemizing on their 2017 tax return? Jordan (33),...
Which of the following taxpayers would benefit from itemizing on their 2017 tax return?
Jordan (33), Married Filing Separate, has itemized deductions that total $ 4,050. His wife, Susan, is itemizing on a separate return.
Abdul (42) and Paula (39) Marrried Filing Jointly, have itemized deductions that total $ 10,570.
Ronal (66) Single, has itemized deductions that total $ 6,400
Elliot (47) head of Household, has itemized deductions that total $ 8,250.
Homework Answers
Standard deductions for different filing status for the year 2017 are as follows:
In case of Jordan aged 33, the itemized deductions $4,050 are less than the standard deduction $6,350. Therefore, Jordan will not benefit from itemizing on 2017 tax return.
In case of Abdul aged 42 and Paula aged 39, the itemized deductions $10,570 are less than the standard deduction $12,700. Therefore, Abdul and Paula will not benefit from itemizing on 2017 tax return.
In case of Ronal aged 66, the itemized deductions $6,400 are less than the standard deduction $6,350 plus additional standard deduction of $1,550. Therefore, Ronal will not benefit from itemizing on 2017 tax return.
In case of Elliot aged 47, the itemized deductions $8,250 are less than the standard deduction of $9,350. Therefore, Elliot will not benefit from itemizing on 2017 tax return.
Thus,
None will benefit from itemizing on their 2017 tax return.
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Which of the following taxpayers would benefit from itemizing on
their 2017 tax return?
Jordan (33),...
Which of the following taxpayers would benefit from itemizing on their 2018 tax return? Jordan (33),...
Which of the following taxpayers would benefit from itemizing on their 2018 tax return? Jordan (33), Married Filing Separate, has itemized deductions that total $4,050. His wife, Susan, is itemizing on a separate return. Abdul (42) and Paula (39), Married Filing Jointly, have itemized deductions that total $19,785. Ronald (66), Single, has itemized deductions that total $11,400. Elliot (47), Head of Household, has itemized deductions that total $15,256.
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