John is a 72-year-old taxpayer with no dependents. John has no tax credits and had $10,000...

 

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John is a 72-year-old taxpayer with no dependents. John has no tax credits and had $10,000 of federal income tax withheld from his paychecks. Other information needed to prepare John's 2020 individual income tax return is as follows: 1. 2. 3. 4. Calculate John's: vi Salary (the salary is John's only income for 2020) Deductible contribution to traditional IRA 5. (Qualifying contribution to traditional IRA is a for AGI "above-the-line" deduction (see chapter 6) Total itemized deductions (see chapter 7) Total Income Adjusted Gross Income Taxable Income Tax Taxes due or refund I $ 80,000 (6,000) (13,500) John is a 72-year-old taxpayer with no dependents. John has no tax credits and had $10,000 of federal income tax withheld from his paychecks. Other information needed to prepare John's 2020 individual income tax return is as follows: 1. 2. 3. 4. Calculate John's: vi Salary (the salary is John's only income for 2020) Deductible contribution to traditional IRA 5. (Qualifying contribution to traditional IRA is a for AGI "above-the-line" deduction (see chapter 6) Total itemized deductions (see chapter 7) Total Income Adjusted Gross Income Taxable Income Tax Taxes due or refund I $ 80,000 (6,000) (13,500)

Answer rating: 100% (QA)

Solution 1 Total Income Johns total income is calculated by adding his salary 80000 and the deductible contribution to his traditional IRA 6000 Total Income Salary Deductible Contribution to Tradition... View the full answer