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Sam and diane are completing their federal income taxes for the year and have identified the...

Sam and diane are completing their federal income taxes for the year and have identified the amounts listed here. hot much can they rightfully deduct? Agi: 82,000 Medical and dental expenses : 9,200 Sate income taxes : 3,700 Mortgage interest 10,300 Cahritable contributions: 1,350

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Answer #1

Total Deduction = [Medical and dental expenses) - (7.5% * AGI] + Sate income taxes + Mortgage interest + Chartiable contribution

= [$9200 - (7.5%*$82000)] + $3,700 + $10,300 + $1,350

= [$9200 - $6150] + $3,700 + $10,300 + $1,350

= $3050 + $3,700 + $10,300 + $1,350

= $18400

Note:- Expenses on Medical and dental expenses greater than 7.5% of AGI is deductiable

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