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Answer :
Final answer:
In 2017, Ed should claim the itemized deductions instead of the standard deduction because his itemized deductions of $7,400 exceed the standard deduction.
Explanation:
Based on the information given, we can determine whether Ed should claim the standard deduction alternative in 2017. The standard deduction is a fixed amount that taxpayers can subtract from their taxable income to reduce their tax liability.
In 2017, the standard deduction for a single individual was $6,350, while the itemized deductions that Ed has claimed amounted to $7,400. If the itemized deductions exceed the standard deduction, it is more beneficial for Ed to claim the itemized deductions.
Therefore, in this case, since Ed has itemized deductions of $7,400, which is greater than the standard deduction of $6,350, he should claim the itemized deductions instead of the standard deduction.
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