Question

In: Accounting

Juniper had the following itemized deduction on her federal Form 1040. What is her total California...

Juniper had the following itemized deduction on her federal Form 1040. What is her total California itemized deductions?

California income taxes...$9,000

California State Disability Insurance..........$1,000

Real estate taxes............$4,000

Mortgage interest paid....$20,000

Private Mortgage Insurance........................$3,000

California Lottery Losses.$1,000

Gifts to Charity................$2,000

TOTAL>>>>>>>>>>>>$40,000

a) $40,000

b) $26,000

c) $30,000

d) $38,000

Expert Solution

Ans: The Correct option for the answer is option B i.e.. $26,000

Mortgage interest= $20,000

Real estate taxes= $4,000

Charity= $2,000

Total California itemized deductions= $20000+4000+2000

=$26,000

Note: Other than these items rest are not allowed for itemized deductions in California Itemized deduction

ekkarill92 answered 2 years ago

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