Assignment 6 Computing AGI

Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They live at 120 Main Street, Flushing NY 11425. Michael is a law professor, working at BMCC CUNY. Sabrina is currently unemployed. The following is a list of information for Michael and Sabrina Brown for the tax year 2019.

• Michael wages 80,000
• Interest from Chase savings account 500
• Interest from NYS municipal bonds - 250
• Rental income 25,000
• Rental operating expenses 20,000
• Capital losses 5,000
• Gambling winnings 2,000
• Gambling losses 2,200
• Roth IRA contributions 8,000
• Educational expenses incurred my Michael 350
• Self-employed taxes (from rental net income) 1,000
• Itemized deductions 25,000
• Michael and Sabrina are ages 65, and 55 respectively.

Instructions: Calculate the Browns AGI. Show all computations to get full credit.