In: Accounting
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.
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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.*