******** Scenario 4: The Power (and Limits) of the Standard Deduction ...
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Scenario : The Power and Limits of the Standard Deduction Thomas and Jessica are married filing jointly with the following income and deductions: Combined Wages: $ Interest and Dividend Income: $ Potential Itemized Deductions: State and Local Taxes: $ Medical Expenses exceeds AGI threshold: $ Charitable Contributions: $ Questions: Calculate their AGI if they take the standard deduction. Calculate their AGI if they itemize. Which option results in a lower tax liability?
Scenario : The Power and Limits of the Standard Deduction
Thomas and Jessica are married filing jointly with the following income and deductions:
Combined Wages: $
Interest and Dividend Income: $
Potential Itemized Deductions:
State and Local Taxes: $
Medical Expenses exceeds AGI threshold: $
Charitable Contributions: $
Questions:
Calculate their AGI if they take the standard deduction.
Calculate their AGI if they itemize.
Which option results in a lower tax liability?
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