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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year...

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Accounting

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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $349,900. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $58,000 23,200 $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions 1,160 17,400 31,900 State income tax 20,300 Tax return preparation fees 1,740 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year

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