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Julie is a student who earns $9,000 working part-time at the college ice cream shop in 2012. She has no other income. Her medical expenses for the year totaled $2,700. During the year, she suffered a casualty loss of 3,500 when her apartment caught on fire. Julie contributed $1,950 to her church. On the advice of her parents, Julie is trying to decide whether to contribute $1,000 to the traditional IRA her parents have set up for her. What effect would the IRA contribution have on Julie's itemized deductions?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M951041

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