In 2015, Jeff, who is single, is entitled to the following deductions before phase-outs:
|
State income taxes
|
$7,850
|
|
Real estate taxes
|
1,900
|
|
Home mortgage interest
|
8,200
|
|
Charitable contributions
|
1,700
|
a) Assume that Jeff's AGI is $280,000. Calculate Jeff's itemized deductions after considering the overall phase-out of itemized deductions.
b) Suppose that Jeff's AGI increases to $1,280,000. Calculate Jeff's itemized deductions after considering the overall phase-out of itemized deductions.