Question: ** I just need the two highlighted parts, please! Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and

** I just need the two highlighted parts, please! ** I just need the two highlighted parts, please! Problem 6-34 (Algorithmic)

Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2020 Salary income 5111,000 Net rent income 7,500 Dividend income 1.100 Payment of alimony (divorce finalized in March 2019) 22,000 Mortgage interest on residence 7,000 Property tax on residence 2,600 Contribution to traditional IRA assume the amount is fully deductible) 4,800 Contribution to United Church 2.500 Loss on the sale of real estate (held for investment) 1.950 Medical expenses 4,950 State income tax 1,200 Federal income tax 6,800 Daniel's standard deduction for 2020 is 512,400. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March Not deductible 2019) Mortgage interest on residence Deductible from AGI Property tax on residence Deductible from AGI Contribution to traditional IRA (assume the amount Deductible for AGI is fully deductible) Contribution to United Church Deductible from AGI Loss on the sale of real estate (held for Deductible for AGI investment) Medical expenses Deductible from AGI State income tax Deductible from AGI Federal income tax Not deductible What is Daniel's gross income and his AGI? Gross income: $ 119,600.00 AGI: Feedback b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are s 18,250 X he would benefit from itemizing his deductions

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