Issac has AGI of $102,600 and incurred the following expenses:
• Cost of uniforms required by his employer: $1,100
• Tax return preparation fees: $1,650
• Fee paid for a safe deposit box used to store papers and documents relating to taxable income-producing investments: $110
• Job-hunting costs: $3,300
Issac’s deductible miscellaneous itemized deductions (after any limitation) on Schedule A is $.____________
The amount each can contribute to a Roth IRA.$_______ (it is not $5500).
Pedro, who is a single taxpayer, had AGI of $375,200 for 2017. He incurred the following expenses during the year:
- Medical expenses before 10%-of-AGI limitation $19,700
- State and local income taxes $11,256
- Real estate taxes $2,251
- Home mortgage interest $18,760
- Charitable contributions $4,502
- Deductible investment interest expense $1,688
Compute the amount of Pedro’s itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.