For Calendar Year 2016,Jon and Betty Hansen (Ages 59 and 60)file

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The Answer is ​For the medical expenses,the taxpayers are allowed $2,000 [$30,000 - (10% × $280,000 AGI)].The casualty loss must first be reduced by $100 and then by $28,000 (10% × $280,000 AGI).Thus,only $1,900 [$30,000 - $28,100 ($100 + $28,000)] can be deducted.Also,note that the tax return preparation fees are miscellaneous itemized deductions subject to the 2%-of-AGI floor.The floor of $5,600 (2% × $280,000 AGI)reduces the $1,200 to $0.The Hansens are not subject to the overall limitation on certain itemized deductions because their AGI does not exceed the $311,300 threshold for joint filers.The itemized deductions total $58,900 ($10,000 mortgage interest + $13,000 property tax + $17,000 contributions + $15,000 state income tax + $2,000 medical + $1,900 casualty).​

For Calendar Year 2016,Jon and Betty Hansen (Ages 59 and 60)file

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Correct Answer:
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For Calendar Year 2016,Jon and Betty Hansen (Ages 59 and 60)file

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Correct Answer:VerifiedShow Answer

Correct Answer:
Verified