Calculate ben and rebecca taxable income

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Question - Ben and Rebecca, both age 62, are a married couple who file a joint income tax return for the 2016 tax year. They anticipate an AGI of $100,000 for 2016. Their anticipated itemized deductions are as follows:

Home mortgage interest

$3,900

State income taxes

$2,200

Property taxes

$3,000

Charitable contributions

$3,400

Tier II miscellaneous deductions

$1,950

Medical expenses

$  9,800

Calculate Ben and Rebecca's taxable income.
If Ben and Rebecca's income and itemized deductions remain fairly consistent over the next several years, is there a planning strategy that you would recommend to help reduce their tax liability?

Reference no: EM131732617

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