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Mr. and Mrs. H are married with two dependent children living with them. Their AGI is...

Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000. Assume the taxable year is 2017. Use Appendix 14-A and Appendix 14-B. Using the worksheets, compute the below-the-line deductions that they will report in computing taxable income.

a. Assume that itemized deductions total $44,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss).

b.Now assume that itemized deductions total $13,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss). What amount will they report for deductions below-the-line?

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ekkarill92 answered 1 year ago
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