R1 Itemized Deduction

Question 1

Standard deduction

Answer 1

Single 14,600
Head of household 21,900
Married filing joint or surviving spouse 29,200
Married filing separately 14,600

One qualified taxpayer
65 or blind single 1,950 married 1,550
both 65 and blind single 3,900 married 3,100

Two qualified tax payers
Each 65 or blind 3,100
Both 65 and blind 6,200

Question 1

Standard deduction depended on another

Answer 1

the greater of
1,300
or
450 plus their earned income

Question 2

Medical expenses payments

Answer 2

Payments on behalf of
Filing taxpayer
Spouse
Dependent (50% or more of support, only citizens, relatives, or taxpayer live with.

Question 3

Calculate medical Expenses

Answer 3

Qualified medical expenses
-Insurance reimbursements
-7.5% of AGI

Question 4

State, Local, and foreign taxes.

Answer 4

Up to only 10,000 in the year

Contains
Real estate taxes
Personal property tax
Income taxes
Sales tax

Question 5

Nondeductible taxes as itemized deductions are

Answer 5

federal
Inheritance
Business and rental property taxes

Question 6

Casualty loss

Answer 6

Not allowed for lost, misplaced, or broken property
Calculation
Smaller loss between(Lost cost adjustment or decreased FMV)
-insurance recovery
-100
-10% AGI

Question 7

Gambling losses

Answer 7

Deductible only up to winnings

Question 8

Miscellaneous Itemized deduction

Answer 8

2% of AGI Floor

Question 9

Interest Expense

Answer 9

Interest up to 375,000 is married filing separately and 750,000

Must be used to improve/renovate the house
Deductible up to net investment income

Question 10

Charitable contributions

Answer 10

Only donations to an official charity