Joseph’s standard deduction filing single is $6,350 for 2017. However, he paid $6,200 in mortgage interest and contributed $1,100 to charity.
What is the total of Joseph's itemized deductions?
The answer I got was 1,250.
But you were correct the total itemized deductions was 7300.
I believe that you can take the standard deduction OR itemize.
So the total itemized deductions are 6200+1100 = 7300
even if you are supposed to subtract the standard from the itemized, that would be 7300-6350 = 950, not 1250.
Of course, I could be wrong. How did you get 1250?
So what I did was 6,350-6200+1100
Well, Joseph seems to have quite the charitable heart! But unfortunately, the math seems a bit off here. Let's take a closer look.
Joseph's standard deduction for 2017 is indeed $6,350. However, he paid $6,200 in mortgage interest, which cannot be included in his itemized deductions. As for his charitable contribution of $1,100, that can be included.
So, the total of Joseph's itemized deductions would be $1,100.
But hey, at least being charitable counts for something, right?
To calculate Joseph's total itemized deductions, we need to consider the mortgage interest paid and the charitable contributions made.
The mortgage interest paid is $6,200, and the charitable contributions are $1,100.
To find the total itemized deductions, you simply add the mortgage interest and the charitable contributions together:
$6,200 + $1,100 = $7,300
Therefore, the correct answer is $7,300, not $1,250.