For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of$355,100. Their itemized deductions are as follows: Note: All expenses are before anyapplicable limitations, unless otherwise noted.Casualty loss in a Federally declared disasterarea (not covered byinsurance; before the 10%-of-AGI limitationbut after the $100 floor)Home mortgage interest (loan qualifies asacquisition indebtedness)Credit card interestProperty taxes on homeCharitable contributionsState income taxTax return preparation fees$72,40028,9601,44821,72039,82025,3402,172Round your final answers to the nearest whole dollar.Calculate the amount of itemized deductions the Gibsons may claim for the year.

Here's how to calculate the amount of itemized deductions the Gibsons may claim for the year…

Answered: For calendar year 2023, Stuart and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For calendar year 2019, Stuart and Pamela Gibson file a jointreturn reflecting AGI of $350,000. Their itemized deductionsare as follows:Casualty loss in a Federally declared disaster area after$100 floor (not covered by insurance) $48,600Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000Credit card interest 800Property taxes on home 16,300Charitable contributions 28,700State income tax 18,000Tax return preparation fees 1,200Calculate the amount of itemized deductions the Gibsons may claim for the year.
Evan is single and has AGI of $277,300 in 2023. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the 7.5%-of-AGI limitation) Interest on home mortgage State income taxes Real estate taxes Charitable contributions $31,000 8,700 9,500 3,600 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 $ 26,403
Pastor Bingham retired in December 2020. prior to his retirement he received the following: an annual salary of $64,000 that includes $24,000 designated as housing allowance $5312 reported on form 1099 NEC for his duties as a chaplain at the prison and $912 in a retirement collection taken up on his behalf. which of these amount is excluded from gross income for purposes of federal income tax? 1) $912 2) $5,312 3) $24,000 4) $64,000
A single taxpayer has the following information for 2020: $195,000 23,500 1,500 8,900 14,800 AGI State income taxes State sales tax Real estate taxes Gambling losses (gambling gains were S$5,000) The taxpayer's total allowable itemized deductions for 2020 are: A) $15,000 B) $47,200 C) $38,900 D) $24,800
For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $54,400 21,760 1,088 16,320 29,920 19,040 1,632 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
For calendar year 2023, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2023. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct fill in the blank 1 % of their medical insurance premiums as a deduction for AGI in 2023. Thus, Giana may deduct $fill in the blank 2 as a deduction AGI and she may deduct $fill in the blank 4 as an itemized deduction (subject to the AGI floor).
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Sam and Diane are completing their federal income taxes for the year and have identified the amounts listed here. How much can they rightfully deduct? (Assume itemized deductions) AGI: $83,500 Medical and dental expenses: $9,350 State income taxes: $3,850 Mortgage interest: $10,900 Qualified charitable contributions: $1,650
A taxpayer sold machinery for $24,000 on December 31, 2021. The machinery had been purchased on January 2, 2019 for $30,000, with 100% bonus depreciation being used. For 2021, the taxpayer should report O Ordinary income of $24,000 O $30,000 ordinary income O §1231 gain of $6,000 and ordinary income of $24,000 O §1231 gain of $24,000 and ordinary income of $6,000 O $1231 gain of $24,000 D
A rental house (MACRS-GDS 27.5-year property) is placed in service by a calendar-year taxpayer during July for $70,000. Determine the depreciation deduction and resulting book value for each applicable year using MACRS-GDS allowances.
Calculated itemized Deductions. Robert and Jean Snyder have an adjusted gross income of $100,000 for 2021. Their expenses for 2021 are as follows: Prescription drugs-$2,300* Medical Insurance Premiums-5,900 Doctor and dental bills paid-3,000* Eyeglasses (regular and sunglasses for Robert -1,200 Hospital and clinic bills paid-1,450* Property taxes paid on home-5,500 State income taxes paid: Remaining 2019 tax liability - 125 Withheld from wages during year 4,000 State and local income taxes paid: Amount paid on new automobile-800 Amount paid on new wide screen television-280 Personal property taxes paid-100 Interest on home mortgage**- 4,750 Interest paid on personal auto loan- 1,100 Interest paid on credit card purchases-400 Interest paid on E.F. Hutton margin account***-120 Cash contributions to church-2,000 Fair Market value of Hightech Corp. stock contributed to church (purchased for 1,000 three years ago) -5,000 Labor union dues paid by Robert-200 Qualifying education costs…
Roberto incurred a 60000. nonfarm net operating loss (NOL)in 2018. Before deducting the nol carryforward, his 2019 agi is 45000. and his taxable income is 21000. How much is Roberts NOL deduction for 2019.

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