Robert's adjusted gross income is $70,000 and his qualified investment expenses are $2,500 during the year.Robert has no other miscellaneous itemized deductions,but he does have $14,000 in other itemized deductions.If Robert itemizes,what is his investment expense deduction?

Question

Quizplus · Accepted Answer

$2,500 - ($70,000 x .02)= $1,100.Only an amount in excess of 2% of AGI is deductible.

Robert's Adjusted Gross Income Is $70,000 and His Qualified Investment