Your adjusted gross income (AGI) is $65,000. You are single and do not own a home but have charitable contributions of $17500 and $2500 interest on your student loans that you have paid throughout the year. This year you also have medical expenses of $12,000, which must pass a AGI test of 7.5% in order to be deducted.   You are allowed a standard deduction of $12,400. What is your taxable income?

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To calculate your taxable income we first need to determine your adjusted gr... View the full answer