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Compute allowable itemized deductions for the clines

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Reference no: EM131945824

Question - Steve and Judy Cline are married, have two dependents, and file a joint return for 2012. Information for the year includes the following:

AGI $237,300

State and local income taxes 5,600

Real estate taxes 7,900

Home mortgage interest 8,400

Charitable contributions 7,300

Gambling losses (gambling income of $4,200 was included in AGI 6,600

Required

a. Compute allowable itemized deductions for 2012 for the Clines.

b. Compute taxable income for the Clines for 2012.

c. Compute federal tax liability for the Clines for 2012.

Reference no: EM131945824

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