Calculate Linda’s allowable itemized deductions for the year.
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Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. 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 7,600
Calculate Linda’s allowable itemized deductions for the year.
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- In April of this year Rachel received a $1,780 refund of state income taxes that she paid last year. Last year Rachel claimed itemized deductions of $12,400. Rachel's itemized deductions included state income taxes paid of $850. How much of the refund, if any, must Rachel include in the gross income if the standard deduction last year was $12,000?Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $2,200 and he has $6,500 of itemized deductions. Calculate the following amounts. Table for the standard deduction Filing Status Standard Deduction Single $ 12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 1. Gross income $fill in the blank 1 2. Adjusted gross income $fill in the blank 2 3. Standard deduction or itemized deduction amount $fill in the blank 3 4. Taxable income $fill in the blank 4Amy is a single taxpayer. Her income tax liability in the prior year was $5,178. Amy earns $50,000 of income ratably during the current year and her tax liability is $4,372. In order to avoid penalty, Amy’s smallest amount of required annual withholding and estimated payments is: a. $4,372 b. $3,935 c. $5,178 d. $4,660 e. $5,696
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