Final answer
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b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are itemizing his deductions X, he would benefit from Feedback Check My Work Partially correct Feedback Check My Work Partially correct Check My Work All work saved, b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are itemizing his deductions X, he would benefit from Feedback Check My Work Partially correct Check My Won Partially connect Check My Work All work saved a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Not deductible Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Deductible from AGI Deductible from AGI Deductible for AGI Contribution to United Church Deductible from AGI Deductible for AGI < Loss on the sale of real estate (held for Investment) Medical expenses State income tax Deductible from AGI Deductible from AGI Not deductible Federal income tax What is Daniel's gross income and his AGI? Gross income: 75,200 AGI: 70,425 ✓ Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2021: Salary income $57,000 17,500 Net rent income 700 Dividend income Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses 10,000 8,300 1,000 2,700 2,500 2,075 4,600 State income tax Federal income tax 1,800 6,800 Daniel's standard deduction for 2021 is $12,550. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March