Alex, a single taxpayer, has a salary of $100,000. He incurred & paid the following expenses during the year:
Medical expenses $5000
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.© BrainMass Inc. brainmass.com June 3, 2020, 7:41 pm ad1c9bdddf
Deductions FOR AGI means above the line deductions as opposed to deductions FROM ...
The solution selects the deductions which qualify 'for AGI', and then calculates the amount of adjusted gross income.