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During 2019, Kevin, a 40-year-old single taxpayer, reports the following items of income and expense.... List of possible accounts: PI:6-34 (similar to) During 2019. Kevin,
During 2019, Kevin, a 40-year-old single taxpayer, reports the following items of income and expense....
List of possible accounts:
PI:6-34 (similar to) During 2019. Kevin, a 40-year-old single taxpayer, reports the following items of income and expense (Click the icon to view the data.) . (Click the icon to view the standard deduction) Requirement The amounts above are before any limitations. What is Kevin's taxable income for the year? . Select the labels and calculate Kevin's adjusted gross income, then calculate his taxable income. (For accounts with zero balances, select the label and enter a "O". Use a minus sign or parentheses for expenses and/or losses. Round any applicable AGI floors to the nearest whole dollar.) Income: Salary Dividends - X Reference 130000 1400 Interest income 1000 Net rental income (expense) Loss on sale of stock STANDARD DEDUCTION Filing Status Alimony 10600 $ 24,400 Adjusted gross income $ 18,350 $ 12,200 $ Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) ( Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2.600 and $3.300, respectively, for a taxpayer who is both aged and blind. 12,200 $* $1,300 $1,650 Choose from any list or enter any number in the input fields and then click Check Answer. Done 1 1 part remaining Check Answer Data Table -X Income $ 130,000 1,400 1.000 9,000 6,700 Salary Dividends from Alta Corporation Interest income from a savings account Rental income from a small apartment he owns Expenses: Medical Interest on a principal residence Real property taxes on the principal residence Charitable contributions Loss from the sale of Delta Corporation stock (held for two years) Expenses incurred on the rental apartment: Maintenance 7.400 4,100 3.800 1.800 1.000 1.200 Property taxes Utilities Depreciation 2,000 1,400 Insurance 400 Alimony payments to former wife (divorced July 21, 2018) 10.600 Done Income: Salary Alimony Charitable contributions Dividends Interest income Loss on sale of stock Medical Net rental income (expense) Mortgage interest - principal residence Personal exemption Real property taxes - principal residence Salary Standard deductionStep by Step Solution
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