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Duke s and Pat Collins have adjusted gorss income of $500,000.

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Duke‘s and XXXXX XXXXX have...
Duke‘s and XXXXX XXXXX have adjusted gorss income of $500,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 71/2% of adjusted gross income ,$3,000 in property taxes ,$4,000 in housing interest ,and $5,000 in miscellaneous itemized deductions that exceed 2 percent of adjusted gross income. What is the amount of their itemized deductions?
Submitted: 8 years ago.Category: Tax
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Answered in 1 hour by:
11/1/2009
Tax Professional: Bill, Enrolled Agent replied 8 years ago
Bill
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Because their AGI exceeds $159,950 the amount of itemized deductions that they can claim are reduced by $3,200 so they can only claim $16,800.

Bill
Bill, Enrolled Agent
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Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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