$(1$ point$)$ When finding their annual taxable income, how much are the deductions? Note: Your answer should $be$ the amount that they will claim for their deductions when they file their taxes.

Here $is$ the relevant information:

For $2020,$ the standard deduction for a married couple filing jointly $is$ $$24,800.$

Joe and Lauren paid $$2,818\mathrm{.}26in$ state taxes and $$2,065\mathrm{.}50in$ local taxes for $2020.$

Recall that Joe and Lauren bought a house $in$ Part $3of$ the project $(monthlyis1033\mathrm{.}67),$ and the mortgage interest and property taxes are itemized deductions. For simplicity, assume that their first mortgage payment occurred $on$ January $1,2020.$

Recall that Joe and Lauren have a student loan from Part $1(monthlyis224\mathrm{.}38)of$ the project. Student loan interest $is$ a special case. They can claim the student loan interest deductionLinks $toan$ external site. even $if$ they don't itemize their deductions. For simplicity, assume that their first student loan payment occurred $on$ January $1,2020.$