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Ellen files as a head of household and is 57 years old during 2020. She provides all of the support for her elderly father who lives in a memory care facility and her father qualifies as her dependent in 2020. Ellen has the following information for 2020:
Salary income......................................................................................... $199,500 Interest income............................................................................................. $2,000 Short-term capital gain.................................................................................. $3,500 Medical expenses paid for Ellen and her father before the floor...................... $18,175 Mortgage interest paid on residence acquired in 2019 with acquisition indebtedness of $680,000.....................................................6,500 State income taxes paid................................................................................. $8,800 Property tax paid on residence....................................................................... $6,000 Interest paid on home equity loan taken out in 2020 to buy a new car............... $3,500 Cash contribution to church........................................................................... $1,000 Unreimbursed employee expenses................................................................. $1,560 Personal tax preparation expense................................................................... $1,800 Casualty loss after $100 floor due to uninsured theft of car ............................. $4,800 (not a federal disaster area loss)
Problem 1: Compute Ellen's 2020 taxable income and the amount of tax or refund that is due after all allowable credits and withholding/ prepayments totaling $33,928 that Ellen made in 2020. Ignore any net investment income tax.
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