Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses were as follows: Alimony(divorce finalized in 2017) $20,000 Charitable contributions 4,000 Contribution to a traditional IRA 5,500 State income taxes paid 7,000 Interest on home mortgage 6,200 Property taxes Paid 5,000 Medical expenses 3,000 What is Jerry's total allowable itemized deductions in 2020?
Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses were as follows: Alimony(divorce finalized in 2017) $20,000 Charitable contributions 4,000 Contribution to a traditional IRA 5,500 State income taxes paid 7,000 Interest on home mortgage 6,200 Property taxes Paid 5,000 Medical expenses 3,000 What is Jerry's total allowable itemized deductions in 2020?
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 50P
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![Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses were as follows:
Alimony(divorce finalized in 2017)
$20,000
Charitable contributions
4,000
Contribution to a traditional IRA
5,500
State income taxes paid
7.000
Interest on home mortgage
6.200
Property taxes Paid
5,000
Medical expenses
3,000
What is Jerry's total allowable itemized deductions in 2020?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F07af795f-b409-4277-b633-5aa1f00ce67c%2F044b82e1-f2cb-480d-95d2-d9a9beeb1ace%2Fol7arxt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses were as follows:
Alimony(divorce finalized in 2017)
$20,000
Charitable contributions
4,000
Contribution to a traditional IRA
5,500
State income taxes paid
7.000
Interest on home mortgage
6.200
Property taxes Paid
5,000
Medical expenses
3,000
What is Jerry's total allowable itemized deductions in 2020?
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