b. Should Daniel itemize his deductions from AGI or take the standard deduction?Because Daniel's total itemized deductions (after any limitations) are_______, he would benefit from ___ a. In order to calculate Daniel's AGI, classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Notdeductible".Payment of alimony (divorce finalized in MarchDeductible for AGI2019)Mortgage interest on residenceDeductible for AGIProperty tax on residenceDeductible for AGIContribution to traditional IRA (assume theDeductible for AGIamount is fully deductible)Contribution to United ChurchDeductible for AGIXLoss on the sale of real estate (held forDeductible for AGIinvestment)Medical expensesDeductible for AGIState income taxDeductible for AGIFederal income taxDeductible for AGIWhat is Daniel's gross income and his AGI?Gross income: $69,500 XAGI: $62,500 x Problem 6-34 (LO. 1)Daniel, age 38, is single and has the following income and expenses in 2021:Salary income$65,000Net rent income6,000Dividend income3,500Payment of alimony (divorce finalized in March 2019)12,000Mortgage interest on residence9,900Property tax on residence1,200Contribution to traditional IRA (assume the amount is fully deductible)6,000Contribution to United Church2,100Loss on the sale of real estate (held for investment)2,000Medical expenses3,250State income tax2,300Federal income tax5,800Daniel's standard deduction for 2021 is $12,550.a. In order to calculate Daniel's AGI, classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Notdeductible".

Adjusted Gross Income (AGI) is the gross income of the tax payer on which the IRS determines the tax…

Answered: Daniel, age 38, is single and has the…

Daniel, age 38, is single and has the following income and expenses in 2021: Salary income $65,000 Net rent income 6,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 34P

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Question

b. Should Daniel itemize his deductions from AGI or take the standard deduction?
Because Daniel's total itemized deductions (after any limitations) are_______, he would benefit from ___

a. In order to calculate Daniel's AGI, classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not
deductible".
Payment of alimony (divorce finalized in March
Deductible for AGI
2019)
Mortgage interest on residence
Deductible for AGI
Property tax on residence
Deductible for AGI
Contribution to traditional IRA (assume the
Deductible for AGI
amount is fully deductible)
Contribution to United Church
Deductible for AGI
X
Loss on the sale of real estate (held for
Deductible for AGI
investment)
Medical expenses
Deductible for AGI
State income tax
Deductible for AGI
Federal income tax
Deductible for AGI
What is Daniel's gross income and his AGI?
Gross income: $
69,500 X
AGI: $
62,500 x

Problem 6-34 (LO. 1)
Daniel, age 38, is single and has the following income and expenses in 2021:
Salary income
$65,000
Net rent income
6,000
Dividend income
3,500
Payment of alimony (divorce finalized in March 2019)
12,000
Mortgage interest on residence
9,900
Property tax on residence
1,200
Contribution to traditional IRA (assume the amount is fully deductible)
6,000
Contribution to United Church
2,100
Loss on the sale of real estate (held for investment)
2,000
Medical expenses
3,250
State income tax
2,300
Federal income tax
5,800
Daniel's standard deduction for 2021 is $12,550.
a. In order to calculate Daniel's AGI, classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not
deductible".

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