Issac has AGI of $102,600 and incurred the following expenses: Cost of uniforms required by his employer: $1,100 Tax return preparation fees:

Issac has AGI of $102,600 and incurred the following expenses: 

• Cost of uniforms required by his employer: $1,100 

• Tax return preparation fees: $1,650 

• Fee paid for a safe deposit box used to store papers and documents relating to taxable income-producing investments: $110 

• Job-hunting costs: $3,300

Issac’s deductible miscellaneous itemized deductions (after any limitation) on Schedule A is $.____________

The amount each can contribute to a Roth IRA.$_______ (it is not $5500).

Pedro, who is a single taxpayer, had AGI of $375,200 for 2017. He incurred the following expenses during the year:

  • Medical expenses before 10%-of-AGI limitation $19,700
  • State and local income taxes $11,256
  • Real estate taxes $2,251
  • Home mortgage interest $18,760
  • Charitable contributions $4,502
  • Deductible investment interest expense $1,688

Compute the amount of Pedro’s itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.

$___________________

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Issac has AGI of $102,600 and incurred the following expenses: Cost of uniforms required by his employer: $1,100 Tax return preparation fees:

Issac has AGI of $102,600 and incurred the following expenses: 

• Cost of uniforms required by his employer: $1,100 

• Tax return preparation fees: $1,650 

• Fee paid for a safe deposit box used to store papers and documents relating to taxable income-producing investments: $110 

• Job-hunting costs: $3,300

Issac’s deductible miscellaneous itemized deductions (after any limitation) on Schedule A is $.____________

The amount each can contribute to a Roth IRA.$_______ (it is not $5500).

Pedro, who is a single taxpayer, had AGI of $375,200 for 2017. He incurred the following expenses during the year:

  • Medical expenses before 10%-of-AGI limitation $19,700
  • State and local income taxes $11,256
  • Real estate taxes $2,251
  • Home mortgage interest $18,760
  • Charitable contributions $4,502
  • Deductible investment interest expense $1,688

Compute the amount of Pedro’s itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.

$___________________

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