Thursday, November 7, 2019

Angela is single and has no dependents. For the​ year, her salary is $61,000. She pays $500 in medical and dental insurance​ premiums

Other than the ​% limitation placed on medical​ expenses, the​ 10% reduction for casualty losses on personal​ property, the​ 2% reduction applied to certain miscellaneous itemized​ deductions, and the fact that itemized deductions are only deductible if they exceed the standard​ deduction, are there any other limitations or reductions applied to itemized deductions for​ individuals?


PI:7-35
Angela is single and has no dependents. For the​ year, her salary is $61,000. She pays $500 in medical and dental insurance​ premiums, which is withheld from her paycheck on an​ after-tax basis, $3,350 in mortgage interest on her​ home, and $1,220 in interest on her car loan. Her health insurance provider reimburses her for $9,700 of the medical expenses.



PI:7-50
During 2016​, Dean incurs the following deductible​ expenses: $1,400 in state income​ taxes, $2,900 in local property​ taxes, $3,400 in medical​ expenses, and $2,100 in charitable contributions. Doug is​ 33, single, has no​ dependents, and has $48,000 AGI for the year.


PI:7-54
In each of the following independent​ cases, determine the amount of the charitable contribution and the limitation that would apply. In each​ case, assume that the donee is a qualified public charity.


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