FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
9th Edition
ISBN: 9781119598312
Author: Kimmel
Publisher: WILEY C
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Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $64,200 and $13,200, respectively. In addition to their salaries, they received interest of $354 from municipal bonds and $600 from corporate bonds. Marc contributed $2,600 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,600 (under a divorce decree effective June 1, 2017). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,200 of expenditures that qualify as itemized deductions, and they had a total of $2,596 in federal income taxes withheld from their paychecks during the year.What is the total amount of Marc and Mikkel's deductions from AGI?
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