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Anne and Bill Are Completing Their Federal Income Taxes for the Year

Question 116

Essay

Anne and Bill are completing their federal income taxes for the year and have identified the amounts listed here.How much can they rightfully deduct?
• AGI: $92,000
• Medical and dental expenses: $12,000
• State income taxes: $6,500
• Mortgage interest: $12,500
• Charitable contributions: $4,000

Correct Answer:

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Itemized deductions include these amount...

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