During 2019 ,Dale incurs the following deductible expenses: $1,400 in state income taxes, $3,400 in local property taxes, $2,200 in medical expenses, and $1,100 in charitable contributions. Dale is 33, single, has no dependents, and has $38,000 AGI for the year. Filing Status Married individuals filing joint returns and surviving spouses$24,400 Heads of households $18,350Unmarried individuals (other than surviving spouses and heads of households)$12,200Married individuals filing separate returns $12,200Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses$1,300Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,650Taxpayer claimed as dependent on another taxpayerâ€™s return: Greater of (1) earned income plus $350 or (2) $1,100.* These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. Note: At the time the book was printed, the percentage of AGI was 10% for 2019. In Dec. 2019, the rate changed to 7.5%. 10% was used for this question. Requirement What is the amount of Dale's taxable income? Begin by calculating the itemized deductions. (Complete all input fields. Enter a "0" if there is no deduction for excess medical expenses.) Medical expenses Minus: Excess medical expenses Total itemized deductions

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 22P

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Question

During 2019 ,Dale incurs the following deductible expenses:

$1,400 in state income taxes, $3,400 in local property taxes, $2,200 in medical expenses, and $1,100 in charitable contributions. Dale is 33, single, has no dependents, and has $38,000 AGI for the year.

Filing Status

Married individuals filing joint returns and surviving spouses

$24,400

Heads of households $18,350Unmarried individuals (other than surviving spouses and heads of households)$12,200Married individuals filing separate returns $12,200Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses$1,300*Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,650*Taxpayer claimed as dependent on another taxpayerâ€™s return: Greater of (1) earned income plus $350 or (2) $1,100.* These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. Note: At the time the book was printed, the percentage of AGI was 10% for 2019. In Dec. 2019, the rate changed to 7.5%. 10% was used for this question.

Requirement

What is the amount of

Dale's

taxable income?

Begin by calculating the itemized deductions. (Complete all input fields. Enter a "0" if there is no deduction for excess medical expenses.)

Medical expenses
Minus:
Excess medical expenses



Total itemized deductions

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