Question: Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of

Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For

Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $388,900. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $73,600 Home mortgage interest (loan qualifies as acquisition indebtedness) 29,440 Credit card interest 1,472 Property taxes on home 22,080 Charitable contributions 40,480 State income tax 25,760 Tax return preparation fees 2,208 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year

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