The Inouyes Filed Jointly in 2020

question 92

Essay

The Inouyes filed jointly in 2020. Their AGI is $78,000. They reported $3,000 of qualified business income and $22,000 of itemized deductions. They have two children, one of whom qualifies as their dependent as a qualifying child. The 2020 standard deduction amount for MFJ taxpayers is $24,800. What is the total amount of from AGI deductions they are allowed to claim on their 2020 tax return?

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Definitions:

Loss of Freedom

The state or situation in which an individual's autonomy, rights, or liberties are reduced or removed, often through authoritarian governance, imprisonment, or other means.

Ford

An American multinational automaker founded by Henry Ford, known for revolutionizing the automotive industry with mass production techniques.

Factory Owners

Individuals or entities that own establishments where goods are produced through the use of machines and labor.

Socialist Party

A political party advocating for socialism, which involves social ownership of the means of production and democratic control or regulatory mechanisms over the economy.