Question

In: Accounting

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 your intermediate computations to nearest whole dollar.

The amount of itemized deductions the Gibsons may claim for the year is $____________.

*The AGI limit for medical expenses is 7.5% now for 2018. It was 10% in previous years.*
*Also in 2018, taxpayers can't claim unreimbursed employee expenses because it is now considered personal exp in 2018-2025 due to new tax rules.*

Solutions

Expert Solution


Related Solutions

For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $368,100....
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $368,100. 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) $53,200 Home mortgage interest (loan qualifies as acquisition indebtedness) 21,280 Credit card interest 1,064 Property taxes on home 15,960 Charitable contributions 29,260 State income tax 18,620 Tax return preparation fees 1,596 Round...
Tariq and Hanan are a married couple and file joint return with AGI of $275,500 for...
Tariq and Hanan are a married couple and file joint return with AGI of $275,500 for 2019.They paid $25,000 of mortgage interest, $12,000 of unreimbursed medical expenses, $5,000 of property taxes, $3,500 interest on a credit card, and $15,000 of charitable contributions for the year. How much their itemized deductions for 2019? Samira, who is single and 48 years old, itemizes her deductions, and has an AGI of $100,000. Samira provided the following information about her expenditures for 2019:             Interest...
Julien and Sarah are married, file a joint return with AGI of $126,000, and have two...
Julien and Sarah are married, file a joint return with AGI of $126,000, and have two dependent children, Kaya and Christopher. Kaya just finished her third year at college and Christopher just finished his first year of graduate school (fifth year of college). Qualified education expenses for 2019 were $4,000 for Kaya and $5,000 for Christopher. Compute the following amounts for Julien and Sarah's education credits for 2019 : a: American Opportunity Credit before any phaseout b: American Opportunity Credit...
Jack and Kendra are married and file a joint return. The couple has a modified AGI...
Jack and Kendra are married and file a joint return. The couple has a modified AGI of $59,000. Jack contributed $2,000 to his traditional IRA for the tax year. Neither Jack nor Kendra have ever taken a distribution from a retirement plan. Assuming there is no limitation based on their tax liability, what is the amount of their Saver's Credit? $0   $200   $400   $1,000
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...
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?
Pat and diedra Dobson file a joint tax return for 2016 the dobsons agi is 30,900...
Pat and diedra Dobson file a joint tax return for 2016 the dobsons agi is 30,900 of which 27,3000 is taxable wages. The dobsons take the other standard deduction and clam as dependents their two teenage children, age 13 ad 15. Other than the child tax credit, the dobsons do not claim any nonrefundable personal tax credits. Compute the dobson’s nonrefundable and refundable child tax credit.
Marilyn, age 38, is employed as an architect. For calendar year 2018, she had AGI of...
Marilyn, age 38, is employed as an architect. For calendar year 2018, she had AGI of $204,000 and paid the following medical expenses: Medical insurance premiums                                           $ 7,800 Doctor bills for Peter and Esther (Marilyn’s parents)           7,300 Doctor and dentist bills for Marilyn                                   11,100 Prescription medicines for Marilyn                                          750 Nonprescription insulin for Marilyn                                         950 Peter and Esther would qualify as Marilyn’s dependents except that they file a joint return. Marilyn’s medical insurance policy...
Myrna and Geoffrey filed a joint tax return in 2018. Their AGI was $85,000, and itemized deductions were $24,700
Myrna and Geoffrey filed a joint tax return in 2018. Their AGI was $85,000, and itemized deductions were $24,700, which included $7,000 in state income tax and no other state or local taxes. In 2019, they received a $1,800 refund of the state income taxes they paid in 2018. The standard deduction for married filing jointly in 2018 was $24,000. Under the tax benefit rule, what amount of the state income tax refund is included in gross income in 2019?
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $94,480...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $94,480 and paid tax of $12,665. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $76,000 in 2019. They expect their 2019 tax liability will be $8,735, which will be the approximate amount of their withholding. Joan anticipates...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT