Tasneem,a single taxpayer has paid the following amounts in 2017: Tasneem's AGI is $363,500.What is her net itemized deduction allowed?
A)$40,000
B)$38,800
C)$36,940
D)$32,730

Name: Tasneem,a single taxpayer has paid the following amounts in 2017: Tasneem's AGI is $363,500.What is her net itemized deduction allowed? A)$40,000 B)$38,800 C)$36,940 D)$32,730
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Question

Tasneem,a single taxpayer has paid the following amounts in 2017:  Tasneem's AGI is $363,500.What is her net itemized deduction allowed?
A)$40,000 
B)$38,800 
C)$36,940 
D)$32,730

Quizplus · Accepted Answer

C)$40,000 gross itemized deductions before phase-out - [($363,500 - $261,500)× .03] = $36,940 itemized deductions allowed.

Tasneem,a Single Taxpayer Has Paid the Following Amounts in 2017