Charles, who is single and age 61, had an AGI of $400,000 during 2020. He incurred the following expenses and losses during the year. Medical expenses before AGI floor $38,500 State and local income taxes 15,200 Real estate taxes 4,400 Home mortgage interest -- Old Loudonville Bank 5,400 Charitable contributions -- Siena College 14,800 Unreimbursed employee expenses 8,900 Gambling losses (Charles had $7,400 of gambling income) 9,800 Compute Charles’ total itemized deductions for the year. What is Charles’ after-tax cost of his gifts to Siena College? If Charles’ AGI was $90,000, would his total itemized deductions change?
Charles, who is single and age 61, had an AGI of $400,000 during 2020. He incurred the following expenses
and losses during the year.
Medical expenses before AGI floor $38,500
State and local income taxes 15,200
Real estate taxes 4,400
Home mortgage interest -- Old Loudonville Bank 5,400
Charitable contributions -- Siena College 14,800
Unreimbursed employee expenses 8,900
Gambling losses (Charles had $7,400 of gambling income) 9,800
- Compute Charles’ total itemized deductions for the year.
- What is Charles’ after-tax cost of his gifts to Siena College?
- If Charles’ AGI was $90,000, would his total itemized deductions change?
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