Question

Jordan Johnson is single and has adjusted gross income of $50,000 in the current year. Additional...

Jordan Johnson is single and has adjusted gross income of $50,000 in the current year. Additional information is as follows:

State income taxes paid $ 2,000
Mortgage interest on her personal residence 9,000
Points paid on purchase of her personal residence 1,000
Deductible contributions to her IRA 3,000
Uninsured realized casualty loss (in a Federal disaster area) 6,000
Tax preparation fees for her prior year income tax return 400

What amount may Jordan claim as itemized deductions on her current-year income tax return?

  1. $12,000

  2. $12,900

  3. $13,300

  4. $15,900

The Answer is $12,900, please show me step by step how to arrive at $12,900.

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
Jordan Johnson is single and has adjusted gross income of $50,000 in the current year. Additional...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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...

  • In the current year, John Barraclough has $50,000 of adjusted gross income, a $10,000 casualty loss...

    In the current year, John Barraclough has $50,000 of adjusted gross income, a $10,000 casualty loss and a $2,000 casualty gain. How much is John's net deductible casualty loss after making all appropriate reductions, assuming the casualty was associated with a federally declared disaster? a.      $0 b.      $2,900 c.      $3,000 d.      $7,900 e.      $8,000

  • The IRS allows you to reduce your adjusted gross income by either the amount of your...

    The IRS allows you to reduce your adjusted gross income by either the amount of your standard deduction based on your filing status, or by the sum of your itemized deductions. The following statement refers to deductions from adjusted gross income. The government estimates a likely amount of tax-deductible expenses for each filing status to determine the The U.S. Individual Income Tax Return (Form 1040) Schedule A lists six areas of itemized deductions. Which of the following can be included...

  • 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...

  • 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.

  • Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...

    Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income taxes] Bchoices: Total personal exemptions, (AGI), Adjustments to (gross) income Cchoices: Total tax liability owed, Itemized deductions, (AGI) Dchoices: Taxable income Total personal exemptions Total tax liability owed E: Taxable income (AGI) Other taxes F: Other taxes Total personal exemptions Tax credits G: Tax credits Other credits Tax liability owed H: Taxable income Total tax liability owed Adjestments to (gross) income Ch 03: Assignment...

  • 22. For the current year, Al Johnson used his personal car for both business and personal...

    22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year: Amount Expense Gas $7,900 900 Maintenance Repairs and depreciation Car washes Totale nton 900 500 $10,200 nobo Based on this information, what part of the above car expenses is deductible as...

  • Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and...

    Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2019: Salary income $141,000 Net rent income 21,500 Dividend income 2,500 30,000 8,300 3,000 1,500 Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income...

  • Susie is single and has determined the following tax information for the year: regular gross salary...

    Susie is single and has determined the following tax information for the year: regular gross salary - $30,000; customer tips - $1,500 ($1,000 received in her regular paychecks and $500 received in cash directly from customers); cash gift from her Papa - $2,000; interest earned - $20; Federal income tax refund - $600; Traditional IRA contribution - $1,000; personal exemption - $3,950; itemized deductions - $4,900; and standard deduction - $6,200. Using the above facts, what is Susie’s federal taxable...

  • Problem 6-34 (Algorithmic) (LO. 1)Daniel, age 38, is single and has the following income and...

    Problem 6-34 (Algorithmic) (LO. 1)Daniel, age 38, is single and has the following income and expenses in 2018:Salary income$105,000Net rent income4,500Dividend income2,500Payment of alimony in accordance with the separation agreement which was signed in 20188,000Mortgage interest on residence8,300Property tax on residence1,400Contribution to traditional IRA (assume the amount is fully deductible)3,000Contribution to United Church1,900Loss on the sale of real estate (held for investment)1,825Medical expenses3,550State income tax1,650Federal income tax6,500a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT