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 $349,900. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted.

Round your final answers to the nearest whole dollar.

The Gibson's total itemized deductions before any phaseout are $.

The Gibson's total itemized deduction is $

Casualty loss after $100 floor (not covered by insurance) $49,000 Home mortgage interest 19,600 Credit card interest 980 Property taxes on home 14,700 Charitable contributions 26,950 State income tax 17,150 Tax return preparation fees 1,470

Explanation / Answer

Computation of Itemized deductions

Computation of Itemized deductions

Home Mortgage interest $19,600 Property tax on home $14,700 Charitable contribution $26,950 State Income Tax $17,150 Itemized deductions $78,400

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