Essay
The Inouyes filed jointly in 2014. Their AGI is $78,000. They reported $16,000 of itemized deductions and they have two children, one of whom qualifies as their dependent. The 2014 standard deduction amount is $12,400 and each exemption is $3,950. What is the total amount of from AGI deductions they are allowed to claim on their 2014 tax return?
Correct Answer:
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$27,850, determined as follows:
From AGI...View Answer
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Correct Answer:
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From AGI...
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