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Amir, who is single, retired from his job this year. He received a salary of $23,000 for the portion of the year that he worked,
Amir, who is single, retired from his job this year. He received a salary of $23,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $3,900. On October 1, he began receiving monthly pension payments of $1,600 and Social Security payments of $500. Assume an exclusion ratio of 40% for the pension. Amir owns a duplex that he rents to others. He received rent of $10,000 and incurred $15,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Amir's adjusted gross income. 23000 3900 Salary Dividend income Pension income (taxable portion) Social security income (taxable portion) Rental income 10000 Gross income Minus: Deductions for Adjusted gross income Rental expenses 15000 Adjusted gross income
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