Essay
The Inouyes filed jointly in 2016. 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 2016 standard deduction amount is $12,600 and each exemption is $4,050. What is the total amount of from AGI deductions they are allowed to claim on their 2016 tax return?
Correct Answer:
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$28,150, determined as follows:
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Correct Answer:
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From AGI...
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