2019 Federal Tax Law Update Test for Circular 230 - Federal Tax Law Update Test for...
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Homework Answers
Answer -
Calculation of Ed's Total Itemized Deductions for 2019
| Particulars | Explanation | Amount ($) | |
| I. | Medical expenses |
Qualified, unreimbursed medical expenses that are more than 7.5% of Adjusted gross income are allowed for tax deduction. = Unreimbursed medical expenses - (AGI * 7.5%) = $8000 - ($60000 * 7.5%) = $3500 |
3500 |
| II. | State income tax and Real estate tax | Deduction is allowed up to $10000, for a combination of State income taxes and Real estate taxes. | 10000 |
| III. | Mortgage interest | Given in question | 4300 |
| IV. | Charitable contributions | Given in question | 2000 |
| Ed's Total Itemized Deductions | I + II + III + IV | 19800 | |
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2019 Federal Tax Law Update Test for Circular 230 - Federal Tax Law Update Test for...
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is this correct answer?
Note: Please select b. False as the correct answer. Year-end legislation changed the medical expense deduction floor to 7.5%. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions? $ (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 11800 • $8,000 in unreimbursed medical expenses • $5,400 in state and local...
Could you check the answer for me ?
Federal Tax Law Update Test for Circular 230 Professionals False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 2600 (Do not enter dollar signs, commas, periods, or...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...
can someone check this for me
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