Question

Will and Lyndsey are married with no dependents and file a joint tax return. In 2019, they paid $3,000 in qualified student loan interest in addition to $22,550 in itemized deductions. What is the total of their "FROM AGI" deductions in 2019?

O $22,250
O $27,400
O $24,400
O $25,250

Answer 1

Answer:

The FROM AGI deductions for year 2019 are $24,400.

Explanation:

FROM AGI deduction for a year are the maximum of the following two items

• itemized deductions
• standardized  deductions

Here itemized deduction is given as $22,550 where as value of standardized deduction is $24,400 (for 2019)

Thus as the maximum of two is valid thus the FROM AGI deductions for year 2019 are $24,400.