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Business, 20.02.2020 23:04 shaylaahayden45061

Interview Notes Archie Hamilton is 45 years old and single. Archie had wage income of $55,000. He also had gambling winnings of $1,000. He is not sure if he should itemize or take the standard deduction. Archie paid the following: $5,200 qualifying home mortgage interest. $9,507 for real estate taxes. $5,040 for state income taxes withheld in 2019. Unreimbursed doctor and dentist bills in the amount of $7,000. Unreimbursed prescription drugs for $14. Vitamins for $120. A statement received from his church showing donations made throughout the year totaling $1,200. Receipts for donations of furniture and clothing in good, used condition to Goodwill. The total estimated fair market value is $100. Tax preparation fee of $315 for his 2018 tax return. $50 paid in 2019 on his 2018 balance due state income tax return. $45 investment expense $250 in gambling losses 10. Archie can claim total deductible medical expenses that exceed 7.5% of his adjusted gross income. Note: Please select a. True as the correct answer. Year-end legislation changed the medical expense deduction floor to 7.5%. True False

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Interview Notes Archie Hamilton is 45 years old and single. Archie had wage income of $55,000. He al...

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