Tyrone,who Is Single and Under Age 65,had the Following Income

question 105

Multiple Choice

Tyrone,who is single and under age 65,had the following income in 2017: -$59,800 in wages
-$200 in interest
-$10,000 in gambling winnings
-$5,000 in short-term capital gains.
Tyrone filed a Schedule A,Itemized Deductions,for 2017.While preparing that schedule,Tyrone,who had no above-the-line deductions,listed the following below-the-line deduction items he had incurred during the year:
-$2,500 in medical expenses
-$8,000 of mortgage interest paid
-$2,000 in real estate taxes
-$1,600 in state taxes
-$12,000 in gambling losses
-$3,400 in unreimbursed employee business expenses.
What is the total amount of Schedule A itemized deductions that Tyrone can report in 2017?

• A)$27,500.
• B)$25,000.
• C)$23,500.
• D)$20,100.

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Definitions:

Social Class

A division of society based on social and economic status, affecting individuals' lifestyles, education, and occupational opportunities.

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The degree to which components of a system work or stick together as a united whole, commonly used to refer to group solidarity or unity.

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The lifespans and aging processes of our ancestors, impacting genetic predispositions to longevity in current populations.

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The average period that a person may expect to live, which can vary based on factors like country, gender, and lifestyle.