Question

Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following...

Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $21,980 State and local income taxes $10,836 Real estate taxes $2,167 Home mortgage interest $18,060 Charitable contributions $4,334 Deductible investment interest expense $1,625

Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1/ Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred...
1/ Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business...
Exercise 10-21 (Algorithmic) (LO. 7) A) Issac has AGI of $93,800 and incurred the following expenses:...
Exercise 10-21 (Algorithmic) (LO. 7) A) Issac has AGI of $93,800 and incurred the following expenses: • Cost of uniforms required by his employer: $800 • Tax return preparation fees: $1,200 • Fee paid for a safe deposit box used to store papers and documents relating to taxable income-producing investments: $80 • Job-hunting costs: $2,400 Issac's deductible miscellaneous itemized deductions (after any limitation) on Schedule A is $. B)Issac has AGI of $93,800 and incurred the following expenses: • Cost...
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the...
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business expenses...
Evan is single and has AGI of $277,300 in 2019. His potential itemized deductions before any...
Evan is single and has AGI of $277,300 in 2019. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the 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 Evan may claim? If required, round the medical deduction to the nearest dollar and use the rounded...
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the...
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business expenses...
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She...
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,500 State sales tax 1,300 Real estate taxes $4,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss, Federally-Declared Disaster (before 10% limitation but after $100 floor) 34,000 Linda's total itemized deduction is $
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
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
Bruno is married filing separate and has one dependent. His AGI is $164,000 for 2018. He...
Bruno is married filing separate and has one dependent. His AGI is $164,000 for 2018. He incurred the following expenses and losses during the year: Medical expenses before the 7.5%-of-AGI limitation $9,900 State and local income taxes 5,600 State sales tax 1,800 Real estate taxes 6,100 Home mortgage interest 7,000 Credit card interest 2,350 Charitable contribution 3,200 Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) 19,000 Unreimbursed employee expenses subject to the 2%-of-AGI...
Your dear cousin - who is 30 years old, single, no kids, and a restaurant manager...
Your dear cousin - who is 30 years old, single, no kids, and a restaurant manager - heard that you are completing a course in Federal Income Tax Accounting at Henderson State University. She has asked you for help in preparing her 2018 tax return. Additionally, she gave you the following list of what she considers to be "deductions." If the item is potentially a FROM AGI deduction, enter ID (for itemized deduction). If it not deductible, enter ND.   Medical...