Eder has adjusted gross income of $300,000 and has total itemized deductions in

Question

Eder has adjusted gross income of $300,000 and has total itemized deductions in various categories totaling $15,000. The taxpayer discovers some additional deductions for AGI. The extra deductions will not affect his itemized deductions.True or False: Eder has adjusted gross income of $300,000 and has total itemized deductions in various categories totaling $15,000. The taxpayer discovers some additional deductions for AGI. The extra deductions will not affect his itemized deductions. True False

Explanation / Answer

Itemized deductions include a range of expenses that are not otherwise deductible. Common expenses include the mortgage interest you pay on up to two homes, your state and local income or sales taxes, property taxes, medical and dental expenses that exceed 7.5 percent of your adjusted gross income, and the charitable donations you make. Itemized deductions also include miscellaneous deductions such as work-related travel and union dues. Once you decide to itemize, you are eligible to claim all of them.

Hence, it is True to say that in case the taxpayer discovers some additional deductions for AGI, the extra deductions will not affect his itemized deductions.

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.