Tax Planning for 2021 Alice, who has been diagnosed with a serious illness, will take a leave of absence from work durin

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Tax Planning For 2021 Alice Who Has Been Diagnosed With A Serious Illness Will Take A Leave Of Absence From Work Durin 1 (386 KiB) Viewed 16 times

Tax Planning for 2021 Alice, who has been diagnosed with a serious illness, will take a leave of absence from work during 2021, so she will not receive a salary or incur any work-related expenses during the year. The estimated cost for her medical treatment is $15,400, of which $6,400 will be reimbursed by their insurance company in 2021. Their medical insurance premiums will increase to $9,769. Property taxes on their residence are expected to increase to $5,100. • The Byrds' home mortgage interest expense and charitable contributions are expected to be unchanged from 2020. • John will graduate from college in December 2020 and will take a job in New York City in January 2021. His starting salary will be $46,000. In 2021, the medical expenses are reduced by 7.5% of AGI. Assume that all of the information reported in 2020 will be the same in 2021 unless other information has been presented above. Use the 2020 Tax Rate Schedules. Based on this information, the Bryd's projected itemized deductions for 2021 would be and the related tax liability for 2021 would be $22,580 $30,794 $33,863 taxable income would be