Assignment
Arnold and Beth file a joint return and have the following information for 2016:
Mortgage interest on personal residence $ 6,000
Property taxes on personal residence 2,500
Alimony payments 12,000
Moving expenses 7,000
Unreimbursed medical expenses 14,000
Charitable contributions 1,500
2015 state income tax refund (they itemized in 2015) 2,000
State income taxes 5,000
Investment interest ($8,000 of expenses limited to net investment income of $7,500) 7,500
Unreimbursed employee expenses 2,500
Wage income 118,000
Sales taxes paid 2,600
(a) Calculate Arnold and Beth's deductions for AGI.
(b) Calculate Arnold and Beth's deductions from AGI.