Standard and Itemized Deductions
Miscellaneous Deductions
Topic Activity
Focus on Forms
The scenario continues. Philip's adjusted gross income entered on line 38 is $20,000. Use Schedule A to determine his miscellaneous deductions.
Click here to open Philip's Schedule A and complete lines 21 through 27.
Deductible Expenses:
Amount:
Income tax preparation fee
$100
Safe deposit box rental (to store bonds)
$75
Investment expenses, journals, newsletters, and advisory fees
$520
TOTAL:
$695
Open Schedule A, complete lines 21 through 27, and then click Check My Answer.
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