Essay
Ellen and Rick are married with one dependent child. They have AGI of $355,300, and itemized deductions consisting of $20,000 state income taxes and $20,000 medical expenses, after applying the 10 percent of AGI limitation.
Compute the following for 2016:
a.Itemized deductions allowed after the phase-out for high-income taxpayers.
b.Exemption deductions (ordinarily $4,050 x 3) after the high-income phase-out.
c.Taxable income.
Correct Answer:
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a. Itemized deductions are $38,680 = $40...View Answer
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