Tyrone,who is single and under age 65,had the following income in 2014 • $59,800 in wages
• $200 in interest
• $10,000 in gambling winnings
• $5,000 in short-term capital gains.
Tyrone filed a Schedule A,Itemized Deductions,for 2014.While preparing that schedule,Tyrone,who had no above-the-line deductions,listed the following below-the-line deduction items he had incurred during the year:
• $2,500 in medical expenses
• $8,000 of mortgage interest paid
• $2,000 in real estate taxes
• $1,600 in state taxes
• $12,000 in gambling losses
• $3,400 in unreimbursed employee business expenses.
What is the total amount of Schedule A itemized deductions that Tyrone can report in 2014?
A) $27,500.
B) $25,000.
C) $23,500.
D) $20,100.
Correct Answer:
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