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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What is the amount of itemized deduction?
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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