Question
1) Dima, who is 45 years old and single, had the following transactions for 2019: Salary $56,000 Interest income on ExxomMobil Corporation bonds 2,000 Gift
1) Dima, who is 45 years old and single, had the following transactions for 2019:
Salary $56,000
Interest income on ExxomMobil Corporation bonds 2,000
Gift from parents 12,000
Contribution to traditional IRA 7,000
Lottery winnings 5,000
Dimas AGI for 2019 is:
A. | $61,000. | |
B. | some other amount. | |
C. | $56,000. | |
D. | $68,000. | |
E. | $57,000. |
2) Jordan is 44 years old and single, had gross income of $38,000, and incurred the following expenses during 2019:
Charitable contribution $2,500
Taxes and interest on home mortgage 9,000
Legal fees incurred in a tax dispute 1,000
Medical expenses 4,000
Jordans AGI is:
A. | $38,000. | |
B. | $37,800 | |
C. | $35,500. | |
D. | $28,800. | |
E. | $32,800. |
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