Taxable income and tax liability

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Reference no: EM13824049

Jan, 38, is single and has AGI of $123,000 in 2014. Her potential itemized deductions before any limitations for the year total $77,650 and consist of the following:

Medical expenses (before floor) $17,500

Interest on home mortgage ($580,000 acquisition debt) 31,900

State income tax 6.090

State sales tax 960

Real estate tax 7,700

Charitable contribution 13,500

What is the total amount of itemized deductions Jan may claim on her tax return, what is Jan’s taxable income and tax liability?

Reference no: EM13824049

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