Problem 10-44 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7, 8) For calendar year 2017, St

Question

Problem 10-44 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7, 8) For calendar year 2017, Stuart and Pamela Gibson file a joint return reflecting AGI of $344,700. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted Casualty loss after $100 floor (not covered by insurance) Home mortgage interest Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $78,400 31,360 1,568 23,520 43,120 27,440 2,352 Round your final answers to the nearest whole dollar The Gibson's total itemized deduction is

Explanation / Answer

Gibson's total itemized deduction = home mortgage interest + property taxes on home + charitable contributions + state income tax = 31360+23520+43120+27440 = 125440

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