A Single taxpayer has a state AGI of $765,000 and federal AGI of $785,000. Itemized deductions total $55,000 under bothfederal and state law (No adjustments). The total amount of medical expense deduction included in that figure is$17,500. What is the amount of itemized deductions that can be claimed on the state return?Their AGI level limits all itemized deductions to $0.$25,000 - The total $55,000 minus the $30,000 from the "80% of itemized deductions" calculation.$19,570 - The total $55,000 minus the $35,429.76 from the "6% of the excess" deduction limitation calculation.They can claim all $55,000 of itemized deductions without limitation.

Itemized deduction is the amount of deduction that is subtracted from the gross income and it…

A Single taxpayer has a state AGI of $765,000 and federal AGI of $785,000. Itemized deductions total $55,000 under both federal and state law (No adjustments). The total amount of medical expense deduction included in that figure is $17,500. What is the amount of itemized deductions that can be claimed on the state return?

A Single taxpayer has a state AGI of $765,000 and federal AGI of $785,000. Itemized deductions total $55,000 under both federal and state law (No adjustments). The total amount of medical expense deduction included in that figure is $17,500. What is the amount of itemized deductions that can be claimed on the state return?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 41P

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