In 2015, Jeff, who is single, is entitled to the following deductions before phase-outs: State income taxes...........................................$7,850

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In 2015, 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.
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Taxation Of Individuals And Business Entities 2016

ISBN: 9781259334870

7th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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