For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of$355,100. Their itemized deductions are as follows: Note: All expenses are before anyapplicable limitations, unless otherwise noted.Casualty loss in a Federally declared disasterarea (not covered byinsurance; before the 10%-of-AGI limitationbut after the $100 floor)Home mortgage interest (loan qualifies asacquisition indebtedness)Credit card interestProperty taxes on homeCharitable contributionsState income taxTax return preparation fees$72,40028,9601,44821,72039,82025,3402,172Round your final answers to the nearest whole dollar.Calculate the amount of itemized deductions the Gibsons may claim for the year.

Here's how to calculate the amount of itemized deductions the Gibsons may claim for the year…

Answered: For calendar year 2023, Stuart and…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 39P

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For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $375,900. 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) $53,200 Home mortgage interest (loan qualifies as acquisition indebtedness) 21,280 Credit card interest 1,064 Property taxes on home 15,960 Charitable contributions 29,260 State income tax 18,620 Tax return preparation fees 1,596 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
Pam and Sam Joseph file a joint return for the calendar year 2018 showing AGI of $350,000. List of their itemized deduction us provided below. Credit card interest Home mortgage interest (loan qualifies as acquisition indebtedness) Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Property taxes on home State income tax Charitable contributions Tax return preparation fees 1000 18,000 $48,500 18,400 19,500 28,500 1,500 All the expenses are that provided above are before any applicable limitation, unless stated otherwise. Determine the amount of itemized deduction Josephs may claim for the year. A) $132,900 B) $98,900 C) $70,000 D) $55,000
During 2020, Catherine had the following deductions and adjustments to income: Schedule C (Form 1040) expenses of $15,000, standard deduction of $12,400, $8,400 alimony paid, and $3,700 casualty loss attributable to a federal disaster area. Compute her total nonbusiness deductions for NOL purposes. $15,000 $18,700 $20,800 $27,400
For calendar year 2020, Jon and Betty Hansen (ages 49 and 50) file a joint return reflecting total income (NOT AGI) of $130,000 before the following potential deductions. They incur the following expenditures: Medical expenses net of reimbursements $12,000 Personal casualty loss (not covered by insurance) before $100 and AGI floors, Federally declared disaster area 10,000 Interest on home mortgage, balance of mortgage < $750,000 8,000 Interest on credit cards 1,000 Student loan interest 2,600 Property taxes on home 6,000 State income tax 5,000 State sales tax 3,000 Charitable contributions 14,000 Gambling losses incurred (gambling winnings reported $5,000) 5,500 Betty’s contribution to her Health Savings Account 1,500 Roth IRA contribution 4,000 a. Show the calculation of AGI starting with the total income shown above of $130,000. List and label each deduction FOR AGI that you are using to compute…
Arturo, a calendar year taxpayer, paid $20,300 in medical expenses and sustained a $24,360 casualty loss in 2018 (the loss occurred in a Federally declared disaster area). He expects $14,210 of the medical expenses and $17,052 of the casualty loss to be reimbursed by insurance companies in 2019. How much can Arturo include in determining his itemized deductions for 2018? Disregard %-of-AGI limitations or casualty loss floor in determining your answers. Before considering any limitations (or reductions) on deductions, Arturo can include $____ of the medical expenses and$ ____of the casualty loss when determining his itemized deductions in 2018.
Leslie and Jason, who are married filing jointly, paid the following expenses during 2022: Interest on a car loan $ 130 Interest on lending institution loan (used to purchase municipal bonds) 3,150 Interest on home mortgage (home mortgage principal is less than $750,000) 2,210 Required: What is the maximum amount that they can use in calculating itemized deductions for 2022?
John, who files as a single taxpayer, had AGI of $90,000 for 2020. He incurred to following expenses and losses during the year: Automobile Loan Interest $ 3,000 Casualty Loss (before 10% Limitationbut after $100 floor – not in a FederallyDeclared Disaster Area) 15,000 Charitable Contributions –Church 5,000 & Goodwill – clothing costing $1,000 with $500 FMV Home Mortgage Interest 15,000 Medical Expenses – Doctors, etc. 6,000 Medical Insurance Premiums 2,000 Medical Insurance Reimbursements 1,000 Real Estate Taxes 5,000 State Sales Tax 1,500 State & local Income Taxes 6,000 Tax Preparation Fees 500 Unreimbursed Employee Business Expenses 4,000 Part 1 - Compute John’s Medical Expense deduction for 2020. Show your calculations for full credit. Answer: Part 2 - Compute John’s Itemized Deductions for 2020 starting with the Medical Expense deduction that you calculated in Part 1 above. Show your calculations for full credit. Answer: Part 3 - What is the Standard…
In June 2022, a self-employed taxpayer purchased new equipment for $26,000 to be used in her business. Assuming she has net income from her business of $75,000 prior to the deduction, what is the maximum amount of cost recovery she can deduct rounded to the nearest dollar, assuming she does not elect §179 expense or bonus depreciation
For or From AGI Deductions. Roberta is an accountant employed by a local firm. Duringthe year, Roberta incurs the following unreimbursed expenses:Travel to client locations $750Subscriptions to professional journals 215Taking potential clients to lunch 400Photocopying 60a. Identify which of these expenses are deductible and the amount that is deductible.Indicate whether they are deductible for or from AGI.b. Would the answers to Part a change if the accounting firm reimburses Roberta forthese expenses?c. Assume all of the same facts as in Part a, except that Roberta is self-employed. Identifywhich of the expenses are deductible, and indicate whether they are deductions for or from AGI.
For calendar year 2023, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2023. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct fill in the blank 1 % of their medical insurance premiums as a deduction for AGI in 2023. Thus, Giana may deduct $fill in the blank 2 as a deduction AGI and she may deduct $fill in the blank 4 as an itemized deduction (subject to the AGI floor).
At the end of 2019, Ms. Shelly Sampson has unused RRSP deduction room of $6,000 and undeducted RRSP contributions of $4,800. For the 2019 taxation year, Ms Sampson has net employment income of $71,000, spousal support received of $14,000, a net rental loss of $18,000 and interest receipts of $2,600. During 2019, she is a member of her employer's RPP to which she contributed $2,000 and her employer made a matching contribution of $2,500. A. Determine Shelly's Earned Income for 2019. В. Determine Shelly's maximum RRSP deduction for 2020. C. incurring a penalty. Calculate the maximum RRSP contribution that Shelly can make for 2020 without
A Single taxpayer has a state AGI of $765,000 and federal AGI of $785,000. Itemized deductions total $55,000 under both federal and state law (No adjustments). The total amount of medical expense deduction included in that figure is $17,500. What is the amount of itemized deductions that can be claimed on the state return? Their AGI level limits all itemized deductions to $0. $25,000 - The total $55,000 minus the $30,000 from the "80% of itemized deductions" calculation. $19,570 - The total $55,000 minus the $35,429.76 from the "6% of the excess" deduction limitation calculation. They can claim all $55,000 of itemized deductions without limitation.

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