Daniel, age 38, is single and has the following income and expenses in 2022: a. Calculate Daniels
Question:
Daniel, age 38, is single and has the following income and expenses in 2022:
a. Calculate Daniel’s AGI.
b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.
Transcribed Image Text:
Salary income Net rent income Dividend income Payment of alimony (divorce finalized in March 2020) Mortgage interest on residence Property tax on residence Contribution to traditional IRA Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax $65,000 6,000 3,500 12,000 9,900 1,200 6,000 2,100 2,000 3,250 2,300 5,800
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a b Because the standard deduction for 2022 12950 is less than Daniels itemized deduct...View the full answer
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Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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