Question

Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of gross...

Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of gross income in 2020. In 2020 they had the following expenses:

Home mortgage interest (acquisition debt of $300,000) $ 16,640
Real estate taxes 5,400
State income taxes paid 6,300
Student loan interest 3,000
Medical expenses (unreimbursed) 1,800
Employee business expenses (unreimbursed) 450
Charitable contributions (cash to their church) 760


Karin and Chad will file married jointly. Calculate the following amounts for their 2020 joint tax return:

  1. DEDUCTIONS FOR AGI  
  2. ADJUSTED GROSS INCOME  
  3. DEDUCTIONS FROM AGI  
  4. TAXABLE INCOME  
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