Marco is 65-years-old and is married to his wife Susan. Last year, Marco had $52,500...
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Marco is yearsold and is married to his wife Susan. Last year, Marco had $ in W wages which he received in the course of his employment as a school teacher. Susan was selfemployed as a yoga instructor and brought in approximately $ from her Schedule C business. Last year, Marco paid $ in student loan interest, $ in mortgage interest, and he also paid $ to acquire a new fishing boat, which has enjoyed taking to the Lake Tahoe area, where he and his wife live. Susan paid $ in student loan interest and had no other expenses. For this tax year, Marco and Susan decided that they are going to file separately. Is Marco permitted to take the standard deduction, and if so how much will his entire below the line deduction be
Marco is yearsold and is married to his wife Susan. Last year, Marco had $ in W wages which he received in the course of his employment as a school teacher. Susan was selfemployed as a yoga instructor and brought in approximately $ from her Schedule C business. Last year, Marco paid $ in student loan interest, $ in mortgage interest, and he also paid $ to acquire a new fishing boat, which has enjoyed taking to the Lake Tahoe area, where he and his wife live. Susan paid $ in student loan interest and had no other expenses. For this tax year, Marco and Susan decided that they are going to file separately.
Is Marco permitted to take the standard deduction, and if so how much will his entire below the line deduction be
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