calculate the amount of itemized deductions for 2019 for Mr. Drake (single) whose AGI is $100,000:...
calculate the amount of itemized deductions for 2019 for Mr. Drake (single) whose AGI is $100,000:
medical expenses $10,600
State Income Taxes $8,000
Real Estate Taxes on residence $5,000
Interest on home mortgage $18,000
The total itemized deductions from Mr. Drake are $__________
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calculate the amount of itemized deductions for 2019 for Mr.
Drake (single) whose AGI is $100,000:...
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...
John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A...
John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A given the following deductions: 1. Medical and dental expenses = 2,400 2. Real estate taxes from rental properties = 1,680 3. State income taxes withheld on W-2 = 6,700 4. Real estate taxes from personal residence = 3,550 5. Mortgage interest = 15,800 6. Investment interest = 130 7. Cash charitable contributions = 1,770 8. Noncash charitable contributions = 10,760 9. Unreimbursed employee expenses...
Pedro, who is a single taxpayer, had AGI of $373,800 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $373,800 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $14,420 State and local income taxes $11,214 Real estate taxes $2,243 Home mortgage interest $18,690 Charitable contributions $4,486 Deductible investment interest expense $1,682 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $_____________________
Pedro, who is a single taxpayer, had AGI of $337,400 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $337,400 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $12,620 State and local income taxes $10,122 Real estate taxes $2,024 Home mortgage interest $16,870 Charitable contributions $4,049 Deductible investment interest expense $1,518 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.
Pedro, who is a single taxpayer, had AGI of $343,000 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $343,000 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $20,900 State and local income taxes $10,290 Real estate taxes $2,058 Home mortgage interest $17,150 Charitable contributions $4,116 Deductible investment interest expense $1,544 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $
Pedro, who is a single taxpayer, had AGI of $352,800 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $352,800 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $20,180 State and local income taxes $10,584 Real estate taxes $2,117 Home mortgage interest $17,640 Charitable contributions $4,234 Deductible investment interest expense $1,588 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.
Pedro, who is a single taxpayer, had AGI of $344,400 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $344,400 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $20,660 State and local income taxes $10,332 Real estate taxes $2,066 Home mortgage interest $17,220 Charitable contributions $4,133 Deductible investment interest expense $1,550 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $
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?
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?
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...
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 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?
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?
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...
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