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Question - Janet is a single mother of two. Her salary of $50,000 covers her living expenses of which she has a monthly mortgage payment of $850 (inclusive of taxes and insurance), travel expenses of $10,000 subject to the threshold for deductions from AGI; she is also eligible for the child care credit deduction. Furthermore, she makes a 401(k) contribution of $300 per month and $100 to her IRA montly.
What recommendations can you make regarding the following?
Should she itemize or take the Standard Deduction given this is tax year 2020?
In terms of funding the IRA or the 401(k), which should she maximize first and why?
Ryan has sought out your expertise as a tax preparer. He has significant "above the line deductions" with itemized deductions ranging from mortgage interest, taxes and charitable giving. However, these, while significant in dollar amount, are larger than the "above the line" What is your recommendation and why? Also please attach the references so i can better understand the consepts.
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