Reference no: EM133147183
Question - George is single and age 56, has AGI 95,000, and incurs the following expenditures in 2021:
Medical expenses (before 7.5%-of-AGI floor) $25,000
Loan from his mother 4,000
Interest on home mortgage 15,500
Interest on automobile loan 2,400
Student loan interest $800
State income tax 7,500
State sales tax 4,500
Real estate tax 8,600
Charitable contribution 6,500
What is the standard deduction for George?
What is the amount of deduction FOR AGI?
What is the amount of itemized deductions George may claim?
Should George take the standard deduction or itemize?
What is George's AGI?
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