Janice age 22 is a student who earns 10000 working, Ask an Expert

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Janice, age 22, is a student who earns $10,000 working part-time at the college ice cream shop in 2015. She has no other income. Her medical expenses for the year total $3,000. During the year, she suffers a casualty loss of $3,500 when her apartment catches on fire. Janice contributes $1,000 to her church. On the advice of her parents, Janice is trying to decide whether to contribute $1,000 to the traditional IRA her parents set up for her. What effect would the IRA contribution have on Janice's itemized deductions?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91602279

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