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Ellen and Rick are married with one dependent child. They have AGI of $355,300, and itemized deductions consisting of $20,000 state income taxes and $20,000 medical expenses, after applying the 10 percent of AGI limitation. Compute the following for 2015: a. Itemized deductions allowed after the phase-out for high-income taxpayers. b. Exemption deductions (ordinarily $4,000 x 3) after the high-income phase-out. c. Taxable income.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92100172

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