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Valentin [98]
3 years ago
6

State income taxes paid$2,000 Mortgage interest on her personal residence9,000 Points paid on purchase of her personal residence

1,000 Deductible contributions to her IRA3,000 Uninsured realized casualty loss (in a Federal disaster area)6,000 Tax preparation fees for her prior year income tax return400 What amount may Jordan claim as itemized deductions on her current-year income tax return
Business
1 answer:
bija089 [108]3 years ago
3 0

Answer:

The amount Jordan may claim as itemized deductions on her current-year income tax return is $12,900.

Therefore, the correct answer is b.$12,900.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Jordan Johnson is single and has adjusted gross income of $50,000 in the current year. Additional information is as follows:

State income taxes paid $2,000

Mortgage interest on her personal residence 9,000

Points paid on purchase of her personal residence 1,000

Deductible contributions to her IRA 3,000

Uninsured realized casualty loss (in a Federal disaster area) 6,000

Tax preparation fees for her prior year income tax return 400

What amount may Jordan claim as itemized deductions on her current-year income tax return?

a.$12,000

b.$12,900

c.$13,300

d.$15,900

b. $12,900.

Explanation of the answer is now given as follows:

The allowable deduction for personal casualty loss that occurs in a Federal disaster area has a limit to the amount by which it is higher than $100 floor and 10% of AGI which is calculated as follows:

Uninsured realized casualty loss (in a Federal disaster area) - $100 = $6,000 - $100 = $5,900

Deductible uninsured realized personal casualty loss (in a Federal disaster area) = $5,900 - ($50,000 * 10%) = $900

Therefore, we have:

Itemized deductions for the current year = State income taxes paid + Mortgage interest on her personal residence + Points paid on purchase of her personal residence + Deductible uninsured realized personal casualty loss (in a Federal disaster area) = $2,000 + $9,000 + $1,000 + $900 = $12,900

Therefore, the amount Jordan may claim as itemized deductions on her current-year income tax return is $12,900.

The correct answer is b.$12,900.

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