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19 February, 05:36

Will and Lyndsey are married with no dependents and file a joint tax return. In 2019, they paid $3,000 in qualified student loan interest in addition to $22,550 in itemized deductions. What is the total of their "FROM AGI" deductions in 2019?

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  1. 19 February, 05:54
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    The total of their "FROM AGI" deductions in 2019 is $24,400

    Explanation:

    The computation of the total From AGI deductions is computed by considering

    Larger amount of

    1. Itemized deductions - $22,250

    2. Standard deductions - $ 24,400

    Since the standard deduction for the married couple is $24,400 is larger than the itemized deduction. So, the total deduction in 2019 is $24,400

    And, the student loan interest should not be considered. Hence, it is ignored in the computation part.
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Home » Business » Will and Lyndsey are married with no dependents and file a joint tax return. In 2019, they paid $3,000 in qualified student loan interest in addition to $22,550 in itemized deductions. What is the total of their "FROM AGI" deductions in 2019?
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