Should this person file for a standard deduction or itemized deduction? They are filing MFJ for the 2020 tax year. Interest from checking account from First Bank 1,500 Home mortgage interest paid to First Bank 6,500 (Secured by principal residence, acquisition debt) Home Equity Line of Credit 3,000 (Secured by principal residence, used to pay off credit cards) Property taxes on personal residence 4,000 Charitable contributions 5,700 Federal income tax withholding 35,000 State income tax withheld 12,500
Should this person file for a standard deduction or itemized deduction? They are filing MFJ for the 2020 tax year. Interest from checking account from First Bank 1,500 Home mortgage interest paid to First Bank 6,500 (Secured by principal residence, acquisition debt) Home Equity Line of Credit 3,000 (Secured by principal residence, used to pay off credit cards) Property taxes on personal residence 4,000 Charitable contributions 5,700 Federal income tax withholding 35,000 State income tax withheld 12,500
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 27P
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Should this person file for a standard deduction or itemized deduction? They are filing MFJ for the 2020 tax year.
Interest from checking account from First Bank 1,500
Home mortgage interest paid to First Bank 6,500 (Secured by principal residence, acquisition debt)
Home Equity Line of Credit 3,000 (Secured by principal residence, used to pay off credit cards)
Property taxes on personal residence 4,000
Charitable contributions 5,700
Federal income tax withholding 35,000
State income tax withheld 12,500
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