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Ellen and Rick Are Married with One Dependent Child

question 123

Essay

Ellen and Rick are married with one dependent child.They have AGI of $355,300,and itemized deductions consisting of $20,000 state income taxes and $20,000 medical expenses,after applying the 10 percent of AGI limitation.

Compute the following for 2017:

a.Itemized deductions allowed after the phase-out for high-income taxpayers.
b.Exemption deductions (ordinarily $4,050 x 3)after the high-income phase-out.
c.Taxable income.


Definitions:

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