For 2017,Nigel and Lola,married taxpayers without children,calculated their total allowable itemized deductions to be $17,100.Accordingly,Nigel and Lola file jointly and should deduct from adjusted gross income
I.the standard deduction amount of $12,700
II.total itemized deductions equal to $17,100.
III.one personal and one dependency exemption amount.
IV.exemption amounts totaling $8,100.

Question

For 2017,Nigel and Lola,married taxpayers without children,calculated their total allowable itemized deductions to be $17,100.Accordingly,Nigel and Lola file jointly and should deduct from adjusted gross income
I.the standard deduction amount of $12,700
II.total itemized deductions equal to $17,100.
III.one personal and one dependency exemption amount.
IV.exemption amounts totaling $8,100.
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Quizplus · Accepted Answer

In 2017, married taxpayers filing jointly could choose to deduct either the standard deduction ($12,700) or their itemized deductions ($17,100). They would choose the higher itemized deductions. Additionally, they could claim personal exemptions, which in 2017 were $4,050 each, totaling $8,100 for two people.

For 2017,Nigel and Lola,married Taxpayers Without Children,calculated Their Total Allowable