itable contributions 17,000 State income tax 15,000 Tax return preparation fees 1,200 What is the amount of itemized deductions the Hansens may claim?

Q: Calculate the amount of itemized deductions the Gibsons may claim for the year.

A: Given information is: For calendar year 2019, Stuart and Pamela Gibson file a joint return…

Q: Ramon had AGI of $180,000 in 2019. He is considering making acharitable contribution this year to…

A: AGI stands for Adjusted Gross Income is defined as the gross income which is annual amount deduct…

Q: his year, Janelle received $200,000 in life insurance proceeds. The proceeds related to a life…

A: Taxable income is the portion of an individual's or a company's income that is used to determine how…

Q: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which…

A: Adjusted gross income (AGI) is referred to that amount that is used to determine the income tax…

Q: Gilbert is an elementary school teacher at a public school. Gilbert and Tara are married and choose…

A: Here given the illustration to fill up the form of 1040 for taxes for married filled jointly.  The…

Q: Quinn is single, age 52 and has the following income and expenses for 2020: Wages earned 40,000…

A: In the context of the given question, we are required to compute the adjusted gross total income of…

Q: Linda and Richard are married and file a joint return for 2020. During the year, Linda, who works as…

A: On Linda and Richard's 2020 tax return, the amount of fringe benefits that should be included in…

Q: m Care Insurance premiums before age limitation applied $3,400 State withholding (higher than…

A: To deduct the qualified mortgage insurance, two things must to be true. You need to itemize the…

Q: Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She…

A: Itemized deductions: Deductions that individual can claim on federal income tax return and it…

Q: e Cecil C. Seymour is a 64-year-old widower. He had income for 2019 as follows: Pension from former…

A: Tax liability refers to the total amount of tax due to tax authority by an individual, corporation,…

Q: medical expenses = ? b. Suppose that Simpson was reimbursed for $250 of the physician's charges and…

A: Deduction- Deduction refers to the charge that is authorized to be deducted from the annual gross…

Q: Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries…

A: Particulars  Amount ($) Salary received by Omran & Salama 150,000 Less: Interest on Capital…

Q: Randy is advised by his physician to install an elevator in his residence, since he is afflicted…

A: Deductible medical expense for i) self, ii) spouse and iii) dependents Costs to install medically…

Q: In 2019, the community property of spouses A and B totaled P10,000,000. In January 2020, during…

A: Given ÷ community property of spouses A and B P10,000,000. X donated a property located in Manila…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. Adjusted Gross income = $100000…

Q: During the current year, Clint, single, had AGI of $180,00. He also paid for the following…

A: Itemized Deduction can be claimed for  1) Medical and Dental expenses  (Maximum expense of 7.5% of…

Q: Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following…

A: Itemized Deductions - It includes amounts paid by you to state and local income/sales taxes,…

Q: During 2019, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her…

A: The fee paid for tuition, room, and board to Academy RR are eligible for deduction since Person B…

Q: Apple and Bob Johnson (both age 45) are married taxpayers who file a joint return. They have a son,…

A: Taxable income refers to the income or the amount which is used for determining the taxes owed…

Q: ex-wife. Jeremy’s alimony agreement with his ex-wife was signed and executed on November 20, 2007.…

A: Taxable income refers to the income earned or gains by an individual in the desired period of time…

Q: In 2021, Bridget and Jeremy are married with two children, Laura and Sam. Bridget earns $60,000 from…

A: The gross income generated by a person on a payroll excluding taxes and other deductions is referred…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Introduction: Medical expenses include all costs associated with the prevention or treatment of…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Answer: Part a:

Q: Randy is advised by his physician to install an elevator in his residence, since he is afficted with…

A: Treatment of Capital Expenses in Taxation:- If any Capital expenses(Capital assets) have incurred…

Q: In March of 2019, Thom as makes a $5,000 cash contribution to a public university. In that month,he…

A: A charitable contribution maybe a donation or gift to, or for the utilization of, a professional or…

Q: On August 10, 2018, Don turned 65 and received his first pension payment. Over the year, he had…

A: Pension plan Pension plan is an agreement between the employer and employee. After the retirement of…

Q: Valentino is a patient in a nursing home for 45 days of 2021. While in the nursing home, he incurs…

A: Amount of exclusion from gross total income   $10,000

Q: Juanita, single and age 43, reports the following items for 2019: Salary $60,000 Interest income…

A: Taxable Income is determined by taking all heads of Income. It is the amount of income used to…

Q: For calendar year 2019, Stuart and Pamela Gibson file a jointreturn reflecting AGI of $350,000.…

A: An itemized deduction seems to be an expense that may be deducted from the adjusted gross income…

Q: All 3 loans were taken out in 2019. How much interest may Ally claim as an itemized deduction in…

A: Itemized deductions:Itemized deduction are those eligible expenses that are deducted from the…

Q: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500,…

A: Itemize Deduction: An itemized deduction is a cost that may be deducted from your adjusted gross…

Q: Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her…

A: Tax refers to the amount charged by the government on the income earned by the companies and…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Gross Income = Salary + Interest Income + Gift Received + (Gain on sale of Stock - Loss on sale of…

Q: Reggie, who is 55, had AGI of $36,400 in 2020. During the year, he paid the following medical…

A: Adjusted gross income (AGI) refers to the amount which is taken into consideration by IRS to…

Q: A 67-year-old taxpayer retires this year and receives the first payment on an annuity that was…

A: Annuity Annuity is the investment which become payable after retirement and  Investor receive the…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Bree and Tom are married and file a joint return for 2020. During the year, Bree, who works as an…

A: Therefore the answer was 850+4000=$4850

Q: Ramon had AGI of $180,000 in 2019. He is considering making a charitable contribution this year to…

A: Charitable contribution deductions: These are deductions allowed to the taxpayers by the IRS among…

Q: For calendar year 2020, Jon and Betty Hansen (ages 49 and 50) file a joint return reflecting total…

A: b) Calculation of the amount of itemized deductions Particulars Amount ($) Interest on home…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Income tax: when the individual, proprietors, or Hindu undivided family earn the income from the…

Q: During the current​ year, Madison reports AGI of $195,000. As part of some estate​ planning, she…

A: a. To taxpayers who itemize their deductions, they are allowed to deduct charitable donations up to…

Q: Mr. and Mrs. Bachman, both age 65, file a joint return. In 2021, they have wages of $30,000,…

A: Gross total income includes all the kinds of income earned during the year including wages,…

Q: Jim Planter, who reached age 65 on January 1, 2021, filed a joint return for 2021 with his wife,…

A: As per IRS dependents can be a qualified relative or can be a qualified child

Q: John, who files as a single taxpayer, had AGI of $90,000 for 2020. He incurred to following expenses…

A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…

Q: John Jay, 45, is married and supports his mother, age 67. During 2019, he paid $1,300 for…

A: In order to reduce the tax payable , the tax payer claims an itemized deduction which is an…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. In this case, Adjusted gross…

Q: Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year…

A: Deduction- Deduction refers to the charge that is authorized to be deducted from the annual gross…

Q: Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return…

A: Gross Income = Income from Salary + Interest + Royalties + Other Income Adjusted Gross Income =…

Q: Under Megan's will, $10,000 a year is to be paid to his widow and $5,000 a year is to be paid to his…

A: Gross income (GI) refers to the income which involves the wages, retirement distributions,…