Rob, single, age 40, no dependents, earns a salary of $55,000 in 2020 and has an adjustment (deductible IRA contribution) of $5,000. Rob has no QBI/no QBI deduction. Rob had medical expenses of $16,500 (before the % of AGI floor limitation). This is Rob's only itemized deduction.

Rob, single, age 40, no dependents, earns a salary of $55,000 in 2020 and has an adjustment (deductible IRA contribution) of $5,000. Rob has no QBI/no QBI deduction. Rob had medical expenses of $16,500 (before the % of AGI floor limitation). This is Rob's only itemized deduction.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 31CE: Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For...

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Rob, single, age 40, no dependents, earns a salary of $55,000 in 2020 and has an adjustment (deductible IRA contribution) of $5,000. Rob has no QBI/no QBI deduction.

Rob had medical expenses of $16,500 (before the % of AGI floor limitation). This is Rob's only itemized deduction.

What is Rob’s taxable income in 2020?

(**I answered $38,125 but it was incorrect)

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