George is single and age 56, has AGI of $265,000, and incurs the following expenditures: Medical expenses (before 7.5%-of-AGI floor) $27,000
Interest on home mortgage 15,500
State income tax 7,500
State sales tax 4,500
Real estate tax 8,600
Charitable contribution 6,500

What is the amount of itemized deductions George may claim?

Retirement investment advisors, inc., has just offered you an annual interest rate of 4.4 percent until you retire in 40 years. you believe that interest rates will increase over the next year and you would be offered 5 percent per year one year from today. if you plan to deposit $13,000 into the account either this year or next year, how much more will you have when you retire if you wait one year to make your deposit?