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Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000...
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020....
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses before the 7.5%-of-AGI limitation $15,575 State and local income taxes 7,200 State sales tax 1,400 Real estate taxes 2,800 Home mortgage interest 5,900 Credit card interest 1,100 Charitable contribution 2,400 Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) 8,300 Unreimbursed employee expenses 5,500 Calculate Stacey's...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI of $277,000 for 2019. He incurred the following expenses and losses during the year: $44,225 Medical expenses before the 10%-of-AGI limitation State and local income taxes 2,700 State sales tax 2,900 Real estate taxes 13,400 Home mortgage interest 12,800 Credit card interest 815 11,700 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses...
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...
Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and...
Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return...
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 10-37 (LO. 2, 3, 4, 5, 7, 8) Bart and Elizabeth Forrest are married and have no dependents. They have asked you...
Problem 10-37 (LO. 2, 3, 4, 5, 7, 8) Bart and Elizabeth Forrest are married and have no dependents. They have asked you to advise them whether they should file jointly or separately in 2019. They present you with the following information: Bart Elizabeth Joint Salary (Bart) $38,000 Salary (Elizabeth) $110,000 Interest income 400 1,200 $2,200 Deductions for AGI 2,400 14,000 Medical expenses 10,427 3,358 State income tax 900 11,800 Real estate tax 5,800 Mortgage interest 4,200 Unreimbursed employee expenses...
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for...
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for 2017. He incurred the following expenses during the year * Medical expenses before 10%-of-AGI limitation $17,180 State and local income taxes $11,130 - Real estate taxes $2,226 Home mortgage interest $18,550 . Charitable contributions $4,452 Deductible investment interest expense $1,670 after any applicable reductions and/or limitations. Round your computations to the Compute the amount of Pedro's itemized depductions nearest dollar and use rounded amounts...
xercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $350,000 for 2017. He incurred the follo...
xercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $350,000 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $21,500 State and local income taxes $10,500 Real estate taxes $2,100 Home mortgage interest $17,500 Charitable contributions $4,200 Deductible investment interest expense $1,575 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.
Problem 12-52 (LO. 2, 3, 4, 5) Lynn, age 45, is single and has no dependents....
Problem 12-52 (LO. 2, 3, 4, 5) Lynn, age 45, is single and has no dependents. Her income and expenses for 2019 are reported as follows. Income Salary $233,000 Taxable interest on corporate bonds 13,700 Business income 64,000 Expenses Home office expense deduction (associated with sole proprietorship) 3,200 State income taxes 6,000 Real property taxes 8,500 Home mortgage (qualified housing) interest 9,200 Home equity loan interest 2,500 Investment interest 15,500 Cash contributions to various charities 2,900 The $64,000 business income...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI of $277,000 for 2019. He incurred the following expenses and losses during the year: $44,225 Medical expenses before the 10%-of-AGI limitation State and local income taxes 2,700 State sales tax 2,900 Real estate taxes 13,400 Home mortgage interest 12,800 Credit card interest 815 11,700 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses...
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...
Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return...
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?
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for 2017. He incurred the following expenses during the year * Medical expenses before 10%-of-AGI limitation $17,180 State and local income taxes $11,130 - Real estate taxes $2,226 Home mortgage interest $18,550 . Charitable contributions $4,452 Deductible investment interest expense $1,670 after any applicable reductions and/or limitations. Round your computations to the Compute the amount of Pedro's itemized depductions nearest dollar and use rounded amounts...
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