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Emberlee is single and has AGI of $277,300 in 2020. Her potential itemized deductions before any...

Emberlee is single and has AGI of $277,300 in 2020. Her potential itemized deductions before any limitations for the year total $52,300 and consist of the following things:

Medical expenses before AGI limitation $29,000

Interest on home mortgage $8,700

State income taxes $9,500

Real estate taxes $3,600

Charitable contributions $2,500

After all necessary adjustments are made, what is the amount of itemized deductions Emberlee may claim?

Please clearly explain

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Answer #1

As the tax year 2020

From 2020 (7.5%) Year 2020

Medical expenses($29,000)-($277,300×7.5%)

Interest on home mortgage

State income taxes & real easte taxes(capped at 10000)

Charitable contributions

$8203

$8700

$10,000

$2500
Total itemized deductions $29,403

As it is not clear, which specific year should be required to calculate

From 2019(10%)

Medical expenses($29,000)-(277,300×10%) = $ 1270

Int on home mortgage. = $ 8700

Income taxes(states&real estate) = $ 10,000

Charitable contributions. = $ 2500

Total itemized deductions. = $ 22,470

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