In each independent item below, assume that a single taxpayer earned $30,000 in W-2 income. Show the
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Amount Include Exclude Deduction Deduction Appears Item Appears Appears from AGI in form for AGI on on on Schedule Schedule Schedule Gross Gross Income Income A B D $60 Interest from Savings Account $500 Dividends from stock investment Bad Debt $6,000 from an Unpaid Loan $600 Donation of automobile to charity Cash donation 5500 to church Cash donation $3,000 to charity Student loan $1,200 interest Alimony $12,000 Loss on the $900 sale of stock purchased 5 years ago Gain of the $1,200 sale of stock purchased 6 years ago Traditional IRA $4,500 contributions Net loss on $6,000 real estate rental properties Home $12,000 business (sole proprietorship) profit Moving $2,500 expenses
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In each independent item below assume that a single taxpayer earned 30000 in W2 income Show the appr...View the full answer
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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