Rob, single, age 40, no dependents, earns a salary of $55,000 in 2020 and has no adjustments.
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Rob, single, age 40, no dependents, earns a salary of $55,000 in 2020 and has no adjustments. Rob has no QBI/no QBI deduction. Rob had medical expenses of $16,500 (before the % of AGI floor limitation). This is Rob's only itemized deduction. What is Rob’s taxable income in 2020?
Rob, single, age 40, no dependents, earns a salary of $55,000 in 2020 and has an adjustment (deductible IRA contribution) of $5,000. Rob has no QBI/no QBI deduction. Rob had medical expenses of $16,500 (before the % of AGI floor limitation). This is Rob's only itemized deduction. What is Rob’s taxable income in 2020?
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