In 2016, Jeff, who is single, is entitled to the following deductions before phase-outs: State income taxes
Question:
In 2016, Jeff, who is single, is entitled to the following deductions before phase-outs:
State income taxes ....................................$7,850
Real estate taxes ...................................... 1,900
Home mortgage interest.............................. 8,200
Charitable contributions.............................. 1,700
a. Assume that Jeff's AGI is $280,000. Calculate Jeff's itemized deductions after considering the overall phase-out of itemized deductions.
b. Suppose that Jeff's AGI increases to $1,280,000.Calculate Jeff's itemized deductions after considering the overall phase-out of itemized deductions.
Step by Step Answer:
a Jeffs itemized deductions are 19032 calculated as follows Description Amount Taxes state taxes and ...View the full answer
Taxation Of Individuals 2017
ISBN: 9781259548666
8th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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