What is the amount of Fred's total allowable itemized deductions for the current tax year?

To determine Fred's total allowable itemized deductions, it is important to sum all relevant deductions that he qualifies for this tax year. Key categories typically included in itemized deductions are mortgage interest, property taxes, medical expenses, charitable contributions, and certain miscellaneous deductions that exceed a specified percentage of income.

In this case, the total of $23,280 likely reflects a comprehensive addition of these categories along with any adjustments or limitations that may apply, such as the threshold for deducting medical expenses which is typically a percentage of adjusted gross income. If Fred has significant mortgage interest and other qualifying expenses, they can collectively reach this amount.

Additionally, it is essential to note that the itemized deductions exceed the standard deduction for the current tax year for single filers, which is likely a reason for opting to itemize.

The total allowable itemized deductions must fall within IRS guidelines regarding what constitutes an allowable expense under current tax law, and the determination may have factored in any applicable phase-outs or limitations based on Fred's income level.

Leading to the final amount of $23,280, it represents the total after careful analysis of which of Fred's deductions are permissible, confirming that this option succinctly sums the deductions accurately under the current tax codes.