Problem related to preliminary itemized deductions

Reference no: EM13130888

Bela and Ricky are married taxpayers who file a joint return. In 2009, they had AGI of $350,000 and their preliminary itemized deductions totaled $20,000. In 2010, they also had AGI of $350,000 and preliminary itemized deductions of $20,000. Which of the following is TRUE?

a. They were not allowed to actually deduct any itemized deductions on either their 2009 return or their 2010 return

b. When comparing their 2009 and 2010 returns, they were able to actually deduct more itemized deductions on their 2010 return

c. When comparing their 2009 and 2010 returns, they were able to actually deduct more itemized deductions on their 2009 return

d. When comparing their 2009 and 2010 returns, they were able to actually deduct the same amount of itemized deductions on each return

Assume the same facts as in the previous question. Assume further that Bela and Ricky will have no dependents in either year (i.e., they will only claim exemptions for themselves). Which of the following is TRUE?

a. In 2010, they were able to actually deduct $20,000 for exemptions

b. In 2010, they were able to actually deduct $7,300 for exemptions

c. In 2009, they were able to actually deduct $7,300 for exemptions

d. None of the above

Reference no: EM13130888

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Problem related to preliminary itemized deductions : Bela and Ricky are married taxpayers who file a joint return. In 2009, they had AGI of $350,000 and their preliminary itemized deductions totaled $20,000. In 2010, they also had AGI of $350,000 and preliminary itemized deductions of $20,000. Which..

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