Tasneem, a single taxpayer has paid the following amounts in 2015: Tasneem's AGI is $360,250. What is her net itemized deduction allowed?
A) $40,000
B) $38,490
C) $36,940
D) None of the above.

Question

Tasneem, a single taxpayer has paid the following amounts in 2015:  Tasneem's AGI is $360,250. What is her net itemized deduction allowed?
A) $40,000 
B) $38,490 
C) $36,940 
D) None of the above.

Quizplus · Accepted Answer

$40,000 gross itemized deductions before phaseout - [($360,250 - $258,250) × .03] = $36,940 itemized deductions allowed.

Tasneem, a Single Taxpayer Has Paid the Following Amounts in 2015