1. What is Joe's AGI? 2. If Joe is single, will he take the standard deduction or...
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Joe has the following fact pattern: Salary income $65,000 Net income from a rental property income $6,000 Dividend income $3,500 Payment of alimony (divorce finalized in June of 2020) $12,000 Mortgage interest on residence $9,900 Property tax on residence $1,200 Contribution to traditional IRA * $6,000 Contribution to the church $2,100 Loss on the sale of real estate (held for investment) $2,000 Medical expenses $3,250 State income tax paid $2,300 Federal income withholding $5,800 *-assume Joe is not covered by a retirement plan through his employer Joe has the following fact pattern: Salary income $65,000 Net income from a rental property income $6,000 Dividend income $3,500 Payment of alimony (divorce finalized in June of 2020) $12,000 Mortgage interest on residence $9,900 Property tax on residence $1,200 Contribution to traditional IRA * $6,000 Contribution to the church $2,100 Loss on the sale of real estate (held for investment) $2,000 Medical expenses $3,250 State income tax paid $2,300 Federal income withholding $5,800 *-assume Joe is not covered by a retirement plan through his employer
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Answer rating: 100% (QA)
1 Joes AGI Adjusted Gross Income is the total income minus specific deductions In this case it would be 65000 salary 6000 rental income 3500 dividend income 74500 2 Joes decision to take the standard deduction ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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