The Martins file a joint return. Their AGI is $375,800. The Martins report the following amounts on Schedule A: home mortgage interest, $12,920; real estate taxes, $5,100; and $7,000 of cash gifts to qualified charities. The amount the Martins will deduct from AGI for their itemized deductions is:

a. $23,160.
b. $13.746.
c. $18,584.
d. $21,491

The answer is a: $23,160

Explanation:

Total itemized deductions = Home mortgage interest + real estate taxes + cash gifts

Total itemized deductions = $12,920 + $5,100 +$7,000

Total itemized deductions =$25,020

Threshold limit for married filing jointly = $313,800

Martins can reduce their itemized deductions by 3% of ($375,800 - $313,800) = $1,860

The amount, Martins will deduct from AGI for their itemized deductions is $25,020 - $1,860 = $23,160.

88 because 4 plus 4 equals 8. 40 plus 40 equals 80. 80 plus 8 equals 88

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