Business, 13.03.2020 21:37 devaughnnorthcu8221

Daniel, age 38, is single and has the following income and expenses in 2019: Salary income $171,000 Net rent income 16,500 Dividend income 500 Payment of alimony (divorce finalized in March 2019) 8,000 Mortgage interest on residence 8,300 Property tax on residence 3,000 Contribution to traditional IRA (assume the amount is fully deductible) 3,600 Contribution to United Church 2,300 Loss on the sale of real estate (held for investment) 450 Medical expenses 6,000 State income tax 2,400 6,200 Federal income tax Daniel's standard deduction for 2019 is $12,200. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Previous Check My Work Submit Assignment Save and Exit Email Instructor 6,000 State income tax 2,400 Federal income tax 6,200 Daniel's standard deduction for 2019 is $12,200. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible Payment of alimony Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: he would benefit from b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $ Next Previous

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Daniel, age 38, is single and has the following income and expenses in 2019: Salary income $171,000...

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