After the phase-out for high-income taxpayers

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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 2015:

a. Itemized deductions allowed after the phase-out for high-income taxpayers.

b. Exemption deductions (ordinarily $4,000 x 3) after the high-income phase-out.

c. Taxable income.

Reference no: EM131063402

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