10. Archie can claim total deductible medical expenses that exceed 7.5% of his adjusted gross...
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Accounting
10. Archie can claim total deductible medical expenses that exceed 7.5% of his adjusted gross income.
a. True
b. False
11. What is the total amount of state income and real estate taxes deductible on Archie's Form 1040, Schedule A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
12. Which of the following is Archie able to claim as a deduction on his Form 1040, Schedule A?
a. Investment expense
b. Tax preparation fee
c. Gambling losses
d. None of the above
Advanced Scenario 5: Archie Hamilton Interview Notes Archie Hamilton is 45 years old and single. Archie had wage income of $55,000. He also had gambling winnings of $1,000. He is not sure if he should itemize or take the standard deduction Archie paid the following: - $5,200 qualifying home mortgage interest. - $9,507 for real estate taxes. - $5,040 for state income taxes withheld in 2019. - Unreimbursed doctor and dentist bills in the amount of $7,000. - Unreimbursed prescription drugs for $14. - Vitamins for $120. - A statement received from his church showing donations made throughout the year totaling $1,200. - Receipts for donations of furniture and clothing in good, used condition to Goodwill. The total estimated fair market value is $100. - Tax preparation fee of $315 for his 2018 tax return. - $50 paid in 2019 on his 2018 balance due state income tax return. - $45 investment expense - $250 in gambling losses
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