Miller and Sara Brown have an adjusted gross income of $420,000. They have itemized deductions totaling $25,000, which consist of the following: $10,000 in medical expenses that exceed 10% of adjusted gross income $4,500 in property taxes $6,000 in housing interest $4,500 in miscellaneous itemized deductions that exceed 2% of adjusted gross income What is the amount of their itemized deductions?
Miller and Sara Brown have an adjusted gross income of $420,000. They have itemized deductions totaling $25,000, which consist of the following: $10,000 in medical expenses that exceed 10% of adjusted gross income $4,500 in property taxes $6,000 in housing interest $4,500 in miscellaneous itemized deductions that exceed 2% of adjusted gross income What is the amount of their itemized deductions?
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 40P
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Question
What is the amount of their itemized deductions?
Transcribed Image Text:Miller and Sara Brown have an adjusted gross income
of $420,000. They have itemized deductions totaling
$25,000, which consist of the following:
$10,000 in medical expenses that exceed 10% of
adjusted gross income
$4,500 in property taxes
$6,000 in housing interest
$4,500 in miscellaneous itemized deductions that
exceed 2% of adjusted gross income
What is the amount of their itemized deductions?
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