Janice, age 22, is a student who earns $10,000 working part-time at the college ice cream shop

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Janice, age 22, is a student who earns $10,000 working part-time at the college ice cream shop in 2017. She has no other income. Her medical expenses for the year total $3,000. During the year, she suffers a casualty loss of $3,500 when her apartment catches on fire. Janice contributes $2,500 to her church. On the advice of her parents, Janice is trying to decide whether to contribute $1,000 to the traditional IRA her parents set up for her. What effect would the IRA contribution have on Janice’s itemized deductions?

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South-Western Federal Taxation 2018 Comprehensive

ISBN: 9781337386005

41st Edition

Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young

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