Question

Leslie and Jason, who are married filing jointly, paid the following expenses during 2019: Interest on...

Leslie and Jason, who are married filing jointly, paid the following expenses during 2019:

Interest on a car loan $ 250
Interest on lending institution loan (used to purchase municipal bonds) 3,750
Interest on home mortgage (home mortgage principal is less than $750,000) 2,650

Required:

What is the maximum amount that they can use in calculating itemized deductions for 2019?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2019:...
Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2019: Home acquisition debt interest $ 10,500 Credit card interest 3,200 Home equity loan interest (used for home improvement) 5,210 Investment interest expense 8,400 Required: With 2019 net investment income of $1,050, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal, and the home equity loan principal combined are less than $750,000. Tyrone...
In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18...
In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18 years of age. Deon and NeNe’s AGI is $813,800, their taxable income is $722,750, and they itemize their deductions as follows: real property taxes of $10,000, state income taxes of $40,000, miscellaneous itemized deductions of $4,000 (subject to but in excess of 2% AGI floor), charitable contributions of $11,050, and mortgage interest expense of $41,000 ($11,000 of which is attributable to a home-equity loan...
Using the married filing jointly status and their income and expense​ statement, calculate the 2014 tax...
Using the married filing jointly status and their income and expense​ statement, calculate the 2014 tax liability for Shameka and Curtis Williams. First use the standard​ deduction, and then use the following itemized​ deductions: Income Expenses Earned income ​$55,000.00 Home mortgage interest ​$8,200.00 Interest income 1,700.00 Real estate and state income taxes 3,900.00 Miscellaneous deductions 500.00 Explain to the Williams which method they should use and why. Shameka and​ Curtis' total gross income for the 2014 tax year is ​$_____....
In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000,...
In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000, and they itemize their deductions as follows: real property taxes of $17,700, charitable contributions of $24,250, and mortgage interest expense of $48,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. rev: 02_29_2020_QC_CS-202942 a. What is Deon and NeNe's AMT? **** This is incorrect : Taxable Income       1,190,000Less:Charitable contributions            24,250Mortagage Interest Expense            48,400           (72,650)       1,117,350Less:AMT Exemption           111,700AMT base       1,005,650AMT=AMT*26%          ...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also earned $822 in interest on investments and contributed $11,320 to a tax-deferred retirement plan. They claimed tax-deferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children. Calculate Max and Jo's gross income. Calculate Max and Jo's adjusted gross income. Calculate Max and...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also earned $822 in interest on investments and contributed $11,320 to a tax-deferred retirement plan. They claimed tax-deferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children. Calculate Max and Jo's gross income. Calculate Max and Jo's adjusted gross income. Calculate Max and...
[The following information applies to the questions displayed below.] In 2019, Deon and NeNe are married...
[The following information applies to the questions displayed below.] In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000, and they itemize their deductions as follows: real property taxes of $17,700, charitable contributions of $24,250, and mortgage interest expense of $48,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. rev: 02_29_2020_QC_CS-202942 a. What is Deon and NeNe's AMT
1) Tariq and Hanan are a married couple and file joint return with AGI of $275,500...
1) Tariq and Hanan are a married couple and file joint return with AGI of $275,500 for 2019.They paid $25,000 of mortgage interest, $12,000 of unreimbursed medical expenses, $5,000 of property taxes, $3,500 interest on a credit card, and $15,000 of charitable contributions for the year. How much their itemized deductions for 2019? A. some other amount. B. $45,000. C. $57,000. D. $60,500. E. $48,500. 2) Senan bought a home in 2012 for $625,000 financing $550,000 of the purchase price...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2019, John worked as a computer technician at a local university earning a salary of $152,300, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,300. John also does some Web design work on the side and reported revenues of $4,300 and associated expenses of $900. The Fergusons received $860 in qualified dividends and a $215 refund of...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter Samantha. In...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter Samantha. In 2018, John worked as a computer technician at a local university earning a salary of $52,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT