Essay
The Inouyes filed jointly in 2020. Their AGI is $78,000. They reported $3,000 of qualified business income and $22,000 of itemized deductions. They have two children, one of whom qualifies as their dependent as a qualifying child. The 2020 standard deduction amount for MFJ taxpayers is $24,800. What is the total amount of from AGI deductions they are allowed to claim on their 2020 tax return?
Correct Answer:
Verified
$25,400, determined as follows:
From AGI...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
From AGI...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q87: An individual may be considered as a
Q88: Madison's gross tax liability is $9,000. Madison
Q89: Taxpayers are allowed to claim a child
Q90: Earl and Lawanda Jackson have been married
Q91: Jane and Ed Rochester are married with
Q93: In June of Year 1, Eric's wife,
Q94: Which of the following statements regarding realized
Q95: In April of Year 1, Martin left
Q96: Madison's gross tax liability is $13,200. Madison
Q97: Which of the following statements about a