Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the f

Q: Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the f

Itemized deductions Medical & Dental Expense Medical Expenses $ 20,540 Taxes Paid State & Local Income Taxes $ 10,416 Real Estate Taxes $ 2,083 Interest Paid Home mortgage interest $17,360 Deductible investment interest expense $1,562 Charities Paid Charitable contributions $4,166 Total $ 56,127

ID: 2551994 • Letter: P

Question

Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the following expenses during the year:

Medical expenses before 10%-of-AGI limitation $20,540

State and local income taxes $10,416

Real estate taxes $2,083

Home mortgage interest $17,360

Charitable contributions $4,166

Deductible investment interest expense $1,562

Compute the amount of Pedro's itemized deductions after any applicable reductions. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.

Explanation / Answer

Itemized deductions

Medical & Dental Expense

Medical Expenses $ 20,540

Taxes Paid

State & Local Income Taxes $ 10,416

Real Estate Taxes $ 2,083

Interest Paid

Home mortgage interest $17,360

Deductible investment interest expense $1,562

Charities Paid

Charitable contributions $4,166

Total $ 56,127

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Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the f

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