Business Homework Solutions
#108567
Deductions for AGI
Alex, a single taxpayer, has a salary of $100,000. He incurred & paid the following expenses during the year:
Medical expenses $5000
Alimony $24,000
Charitable contribution $2000
Casualty loss (after $100 floor) $1000
Mortgage interest on personal residence $4500
State income taxes $4200
Moving expenses $2500
Contribution to traditional IRA $4000
Sales taxes (no state or local income tax is imposed) $1300
Calculate Alex's deductions FOR AGI.
The solution selects the deductions which qualify 'for AGI', and then calculates the amount of adjusted gross income.
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