Ask Question
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?

+1
Answers (1)
  1. 19 February, 05:54
    0
    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.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers