What is the cap for itemized deductions for 2018

Assignment Help Financial Management
Reference no: EM132404644

Question

This is for a project. It is not a real tax return, just a practice one. What is the cap for itemized deductions for 2018? I read somewhere that the cap is $10,000. If a married couple is filing a joint return and their list of itemized deductions exceeds $10,000 what happens?

When filling out their Schedule A form, is it necessary to include items on their list of itemized deductions that are technically not deductible? If the couple is filing state income tax paid and withheld as deductible they cannot file sales taxes paid as deductible, correct? The state income tax paid and withheld exceeds the amount of sales taxes paid.

Reference no: EM132404644

Questions Cloud

Prepare the journal entries that karns company made : Prepare the journal entries that Karns company made to record (1) the purchase of merchandise, (2) the return of merchandise.
Calculate the price of the call option : Calculate the price of the call option described above assuming that the option has a European exercise structure.
Compute the amount of cash payments made during the year : The company's cost of goods sold during the year was $2,220,000. Compute the amount of cash payments made during the year to suppliers of merchandise.
What is likely to be the price of the stock : Last year, Rec Room Sports reported earnings per share of $8.40 when its stock price was $201.60. This year, its earnings increased by 25 percent.
What is the cap for itemized deductions for 2018 : When filling out their Schedule A form, is it necessary to include items on their list of itemized deductions that are technically not deductible?
Identify one area where california tax law differs : Identify one area where California tax law differs from federal tax law, explain the difference, and identify the taxpayers most likely affected by difference.
How would the proposed restructuring change the value : How would the proposed restructuring change the value of JJG as a whole? (Hint: You may not need to compute the new cost of capital to find the new firm value.)
Presentation for employment opportunities : A new firm specializing in IPOs (Dewey, Cheatum & Howe) is recruiting UNC MBA students. In their presentation for employment opportunities
Identify some issues that need to be considered before : The manager has been approached by a hotel to provide meals for six months while the hotel undergoes a kitchen renovation.

Reviews

Write a Review

Financial Management Questions & Answers

  Sells extended warranties for durable consumer goods

Internal rate of return Peace of Mind, Inc. (PMI), sells extended warranties for durable consumer goods such as washing machines and refrigerators.

  Why is sufficient financial slack important to growth firms

If a firm were operating at its optimal capital structure, what would also be true about the firm's weighted average cost of capital?

  How much of the return came from dividend yield

What was your realized? return? How much of the return came from dividend yield and how much came from capital? gain?

  How much in dividends were paid to shareholders during year

How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid.

  What is swimkidss margin of safety

Swimkids is a swimsuit manufacturer. They sell swim suits at a selling price is $30 per unit. Swimkids variable costs are $18 per unit. Fixed costs are $71,100. Swimkids expects sales of $288,700 next year. What is Swimkids's margin of safety?

  A budget based on different workload levels

As sales increase which of the following is a source of funds? A budget based on different workload levels

  Use two-step tree to value european call option on stock

Use a two-step tree to value a European call option on the stock with a strike price of $60 that expires in 6 months.

  Capital structure-Find the WACC

Aberdeen Company has the following capital structure. The risk-free rate is 5% and the expected return on the market is 12%. The tax rate of Aberdeen is 32%. Find the WACC of Aberdeen.

  Longer the primary source of funds for commercial banks

Why are checking accounts no longer the primary source of funds for commercial banks in the United States?

  What is eugenes taxable income

Eugene and Velma are married. For 2018, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns.

  Amount of produced money will increase every year

You convince your friend to improve the machine so that the amount of produced money will increase every year by 2% over the 20 years.

  Determine the effect on net income and earnings

Determine the effect on net income and earnings per share for issuing stock and issuing bonds. Assume the new shares or new bonds will be outstanding.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd