Question
Connor is not married and supports Connor's 12 year old child who lives with Connor and has gross income of $2,650 (the child's gross income).
Connor is not married and supports Connor's 12 year old child who lives with Connor and has gross income of $2,650 (the child's gross income). Connor works as a self-employed realtor and earned commissions of $146,000 during 2019. Connors business expenses were $18,900 and the only other income was interest of $7,300. Connors other information follows:
Contribution to solo(k) retirement plan $ 5,500
Loss on sale of Alphatech stock held 2 years -3,200
Mortgage interest on primary residence 6,950
State and local property tax on residence 4,350
Property tax included in personal auto registration 960
State sales taxes paid 370
State income taxes paid 3,800
Charitable contributions of cash 3,350
Political contributions 550
All information is for 2019.
Calculate Connor's adjusted gross income and taxable income. Show your work!
AGI = $____________ Taxable Income = $____________
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