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    Deductions for AGI - 'above the line' deductions

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    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.

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    Solution Preview

    Deductions FOR AGI means above the line deductions as opposed to deductions FROM ...

    Solution Summary

    The solution selects the deductions which qualify 'for AGI', and then calculates the amount of adjusted gross income.