Question
Calculate 2018 Adjusted Gross Income for Thomas Trent based on the following Information: Label each Item as follows: Not Includible NI; Gross INcome GI; Deduction
Calculate 2018 Adjusted Gross Income for Thomas Trent based on the following Information: Label each Item as follows: Not Includible NI; Gross INcome GI; Deduction for adjusted gross income DAGI.
Salary $200,000
Treasury bond Interest $10,000
Sole proprietorship income $20,000
Sister Thea repaid loan $50,000
Contributed $1,000 to qualified Health Savings Account
Inherited $100,000 from Uncle Trevor
Found ring worth $10,000 on beach
Alimony paid $40,000 Divorce decree signed March 15, 2018 Penalty paid for early withdrawal from timed savings account $500 Partnership loss $10,000
Legal Settlement $20,000 for injury to leg in roller coaster accident Beneficiary of Great grandmother's life insurance policy $200,000 Contributed $2,000 to qualified retirement plan.
NYC Municipal bond interest $50,000
Paid child support of $30,000
Self employment tax paid $10,000
Unemployment compensation $10,000
Dividends received $10,000
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