Jan, 38, is single and has AGI of $123,000 in 2014. Her potential itemized deductions before any limitations for the year total $77,650 and consist of the following:
Medical expenses (before floor) $17,500
Interest on home mortgage ($580,000 acquisition debt) 31,900
State income tax 6.090
State sales tax 960
Real estate tax 7,700
Charitable contribution 13,500
What is the total amount of itemized deductions Jan may claim on her tax return, what is Jan’s taxable income and tax liability?