Colin (Age 40) Is Single, Itemizes His Deductions, and Has

question 107

Multiple Choice

Colin (age 40) is single, itemizes his deductions, and has AGI of $100,000. Colin provided the following information about his cash expenditures for 2018: Interest on American Express card 1,200
Points to refinance his home for 10 years at the end of December 2,600
Mortgage interest payments on $250,000 principal amount 11,800
Real estate taxes 2,100
State income taxes withheld on salary 5,400
Additional state income tax estimated payment 1,200
Contribution to Republican Party 2,000
Contribution to United Way 500
If Colin itemizes, what are his total itemized deductions in 2018:

• A) $18,100
• B) $21,000
• C) $24,200
• D) $27,000

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Definitions:

Intellectual Growth

The development of mental capacity and cognitive skills, including problem-solving, critical thinking, and the acquisition of knowledge.

Conservation

The principle in cognitive development that recognizes the ability to understand that redistributing material does not affect its mass, number, or volume.

Accommodation

In psychology, accommodation refers to adjusting one's schemas and perceptions to incorporate new information, as described by Jean Piaget in his theory of cognitive development.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched, typically developed during infancy.