If required, round any computations to the nearest dollar. Antoine\'s total item

Question

If required, round any computations to the nearest dollar.

Antoine's total itemized deductions before any phaseout are $______

Antoine's total itemized deduction is $______

Antoine is single and has AGI of $277,000 for 2017. He incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation State and local income taxes State sales tax Real estate taxes Home mortgage interest Credit card interest Charitable contribution casualty loss before 10% limitation (after $100 floor) Unreimbursed employee expenses subject to the 2%-of-AGI limitation $37,300 2,700 2,900 13,400 12,800 815 11,700 20,600 14,400

Explanation / Answer

Answer :- Charles itemized deductions are computed below:-

State sale tax

Credit card interest

Total itemized deductions

$ 2900

$ 815

$53,675

Charle's itemized deductions in 2015 after application of the overall limitation are computed below:-

Itemized deductions subject to overall limitation:

Medical Expenses [$37,300 - 10% × $277,000] $ 0 State and local income expenses $2700 Real Income taxes $13,400 Home mortgage interest $12,800 Charitable Contributions $ 11,700 Casulty loss [$11,700 - 10% × $277,000 AGI] $ 0 Unreimbursed employee expenses [$14,900 - 2% × $277,000] $ 9,360

State sale tax

Credit card interest

Total itemized deductions

$ 2900

$ 815

$53,675

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