Daniel, age 38, is single and has the following income and expenses in 2021: Salary income $135,000
Fantastic news! We've Found the answer you've been seeking!
Question:
Daniel, age 38, is single and has the following income and expenses in 2021:
|
Daniel's standard deduction for 2021 is $12,550.
Question Content Area
a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible".
Payment of alimony (divorce finalized in March 2019) | ? |
Mortgage interest on residence | ? |
Property tax on residence | ? |
Contribution to traditional IRA (assume the amount is fully deductible) | ? |
Contribution to United Church | ? |
Loss on the sale of real estate (held for investment) | ? |
Medical expenses | ? |
State income tax | ? |
Federal income tax? | |
What is Daniel's gross income and his AGI?
Gross income: $ ?
AGI: $ ?
b. Should Daniel itemize his deductions from AGI or take the standard deduction?
Because Daniel's total itemized deductions (after any limitations) are $ (?) , he would benefit from (using the standard deduction or itemizing his deductions ?)
Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
Posted Date: