For calendar year 2019, Jon and Betty Hansen (ages 49 and 50) file a joint return...

For calendar year 2019, Jon and Betty Hansen (ages 49 and 50) file a joint return reflecting total income (NOT AGI) of $310,000 before the following potential deductions. They incur the following expenditures: Medical expenses net of reimbursements $33,000 Personal casualty loss (not covered by insurance) before $100 and AGI floors, Federally declared disaster area 28,000 Interest on home mortgage, balance of mortgage < $750,000 12,000 Interest on credit cards 800 Student loan interest 2,400 Property taxes on home 9,000 State income tax 7,000 State sales tax 3,000 Charitable contributions 18,000 Gambling losses incurred (gambling winnings reported $5,000) 6,700 Betty’s contribution to her Health Savings Account 1,500 Tax return preparation fees 1,200 a. Show the calculation of AGI starting with the total income shown above of $310,000. List and label each deduction FOR AGI that you are using to compute AGI. b. Show the calculation of the amount of itemized deductions the Hansen’s may claim. Please use the new 2019 AGI reduction for medical expenses as announced due to the Covid-19 outbreak. Be sure to label each! c. Show the calculation of the Hansen’s taxable income for 2019

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ekkarill92 answered 2 years ago

For calendar year 2017, Thurston and Eunice Howell (ages 59 and 60) file a joint return...

For calendar year 2017, Thurston and Eunice Howell (ages 59 and 60) file a joint return reflecting AGI of $280,000. They incur the following expenditures: Medical expenses before 10%-of-AGI floor $30,000 Casualty loss (not covered by insurance) before statutory floors 30,000 Interest on home mortgage 10,000 Interest on credit cards 800 Property taxes on home 13,000 Charitable contributions 17,000 State income tax 15,000 Tax return preparation fees 1,200 What is the amount of itemized deductions the Thurstons may claim?

For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $368,100....

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For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000....

For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $48,600 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000 Credit card interest 800 Property taxes on home 16,300 Charitable contributions 28,700 State income tax 18,000 Tax return preparation fees 1,200 Round...

Abe and Betty are married and file a joint income tax return. Abe is 67 years...

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1) Tony and Lisa are married and file a joint return. They have two children, ages...

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Kevin and Jill are married and in 2019 file a joint return. Kevin is 52 and...

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Mark and Barbara are married and want to file a joint return

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