50 of agi 120000 deduction 118500 720002950017000 50

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**Lesser of the 2, 30% of AGI or remaining deduction to reach 50% c. Assume that Dean’s AGI this year is $240,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover.
13 In 2017, Jeff, who is single, is entitled to the following deductions before phase-outs: Exhibit 6-12 State income taxes 7,850 Real estate taxes 1,900 Home mortgage interest 8,200 Charitable contributions 1,700 a. Assume that Jeff’s AGI is $280,000. Calculate Jeff’s itemized deductions after considering the ove deductions.
b. Suppose that Jeff’s AGI increases to $1,280,000. Calculate Jeff’s itemized deductions after considering the overall phase-out of itemized deductions.
Total Itemized deductins 3,930
omes from the Max Phase-out range for Single -261,500) 0 erall phase-out of itemized

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