1. Reba is a single taxpayer. Lawrence, Reba's 84-year-old dependent grandfather, lived with Reba until this year, when he moved to Lakeside Nursing Home because he needs specialized medical and nursing care. During the year, Reba made the following payments on behalf of Lawrence: Room at Lakeside $11,000 Meals for Lawrence at Lakeside 2,200 Doctor and nurse fees at Lakeside 1,700 Cable TV service for Lawrence's room at Lakeside 380 Total $15,280 Lakeside has medical staff in residence. Disregarding the AGI floor, how much, if any, of these expenses qualifies for a medical expense deduction by Reba? 2. Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2020. She purchased the stock for $18,100 on December 28, 2019, and it had a fair market value of $27,000 when she made the donation. a. What is Donna's charitable contribution deduction? The stock is treated as ordinary income property and Donna's charitable contribution deduction is $ ( )for tax purposes. b. Assume instead that the stock had a fair market value of $15,000 (rather than $27,000) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction? 3. Self-employed persons can deduct ( ) % of their medical insurance premiums as a deduction for AGI in 2020. 4. Evan is single and has AGI of $277,300 in 2020. 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? Do not round intermediate calculations. Round medical deduction and final answer to the nearest dollar. Evan's total itemized deduction is $ .
1. Reba is a single taxpayer. Lawrence, Reba's 84-year-old dependent grandfather, lived with Reba until this year, when he moved to Lakeside Nursing Home because he needs specialized medical and nursing care. During the year, Reba made the following payments on behalf of Lawrence:
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Lakeside has medical staff in residence. Disregarding the AGI floor, how much, if any, of these expenses qualifies for a medical expense deduction by Reba?
2. Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2020. She purchased the stock for $18,100 on December 28, 2019, and it had a fair market value of $27,000 when she made the donation.
a. What is Donna's charitable contribution deduction?
The stock is treated as ordinary income property and Donna's charitable contribution deduction is $ ( )for tax purposes.
b. Assume instead that the stock had a fair market value of $15,000 (rather than $27,000) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction?
3. Self-employed persons can deduct ( ) % of their medical insurance premiums as a deduction for AGI in 2020.
4. Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following:
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After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim? Do not round intermediate calculations. Round medical deduction and final answer to the nearest dollar.
Evan's total itemized deduction is $ .
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