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Luda [366]
3 years ago
7

Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,

300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim
Business
1 answer:
tatiyna3 years ago
6 0

Answer:

$24,402.50

Explanation:

Medical expenses can be deducted only if they are above 7.5% of your AGI:

$277,300 x 7.5% = $20,797.50

Medical deductions = $29,000 - $20,797.50 = $8,202.50

Evan can deduct $8,700 in mortgage interests

Total deductions for state and local taxes for a single filer = $5,000

Charitable contributions are also deductible = $2,500

total deductions = $8,202.50 + $8,700 + $5,000 + $2,500 = $24,402.50

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Answer:

41.92 months

Explanation:

In this question, we use the NPER formula which is shown in the spreadsheet.  

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Given that,  

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Rate of interest = 0.50%

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The formula is shown below:

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The present value and the PMT comes in negative

So, after solving this, the answer would be 41.92 months

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