Charles, Who Is Single and Age 61, Had AGI of $400,000

question 42

Essay

Charles, who is single and age 61, had AGI of $400,000 during 2014. He incurred the following expenses and losses during the year.
$\begin{array}{llr} \text { Medical expenses before 10\%-of-AGI limitation } &\$39,500\\ \text {State and local income taxes } &5,200\\ \text { Real estate taxes} &4,400\\ \text { Home mortgage interest } &5,400\\ \text {Charitable contributions } &4,800\\ \text { Casualty loss before \( 10 \% \) limitation (after \( \$ 100 \) floor) } &47,000\\ \text { Unreimbursed employee expenses subject to \( 2 \% \)-of-AGI limitation} &8,900\\ \text { Gambling losses (Charles had \( \$ 7,400 \) of gambling income) } &9,800\\ \text { Compute Charles's total itemized deductions for the year:} &\\\end{array}$

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Definitions:

Married Couples

Two individuals who are legally joined in marriage, sharing legal, economic, emotional, and social bonds.

Empty-nesters

Parents who experience an empty home after their children grow up and move out, leading to a significant lifestyle and relationship adjustment.

Adult Personality

The constellation of enduring traits and patterns of behavior that characterize an individual in adulthood.

Local Norms

The shared expectations and rules that guide behavior within a specific group or community, often varying by culture or geographical location.