Jake, a single individual with a salary of $40,000, paid the following expenses during the year:
Charitable contributions: $2,000
Casualty loss (after $100 floor): $1,000
Mortgage interest on personal residence: $3,000
Moving expenses: $1,500
Student loan interest: $1,000
Contribution to a traditional IRA: $2,000
Analyze the above expenses and determine which ones are deductible for AGI. Please support your position.
What is Only the following expenses are deductible for AGI: alimony, moving expenses, student loan interest, and contribution to traditional IRA. The other expenses, after applying any statutory floors, are deductions from AGI.