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July 25, 2014

Homework Help: Acc/ Federal Taxation

Posted by austin on Saturday, October 16, 2010 at 4:49am.

If a taxpayer has AGI of $35,000, how much of the following expense can he apply towards his itemized deductions?
Medical Expenses $3,500
Tax Preparation Fees $500
Unreimbursed Employee Expenses $2,000
Charitable Contributions $1,000
Hint: Remember to consider limitations on itemized deductions. For example, what is the limitation on medical expenses? What is the limitation on tax prep fees and unreimbursed employee expenses? Is there a limitation on charitable contributions?

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