Business, 24.03.2021 16:40 hartzpeyton136

Daniel, age 38, is single and has the following income and expenses in 2020: Salary income $165,000
Net rent income 8,500
Dividend income 2,500
Payment of alimony (divorce finalized in March 2019) 30,000
Mortgage interest on residence 8,300
Property tax on residence 1,400
Contribution to traditional IRA (assume the amount is fully deductible) 2,400
Contribution to United Church 2,100
Loss on the sale of real estate (held for investment) 1,950
Medical expenses 5,650
State income tax 2,250
Federal income tax 7,000

Required:
a. Calculate Daniel's AGI.
b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.

Answers: 2

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Daniel, age 38, is single and has the following income and expenses in 2020: Salary income $165,000...

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