During the current year, Travis takes out a $40,000 loan, using stock he owns as collateral. He uses $10,000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $3,200 interest on the loan. Travis also reports the following for the year: More Info AGI without any investment income $ 130,000 Begin by calculating the adjusted gross income (AGI). (If an input field is not used in the table, leave the input field empty, do not select a label or enter a zero.) State income taxes paid 8,400 Dividend income 10,000 2,100 Interest income Qualified residence interest 7,800 8,000 Investment expenses (exclusive of interest) Net short term capital gains Net long term capital gain 7,300 8,600 Adjusted gross income (AGI) Now calculate the itemized deductions. Schedule of Standard Deductions $ 24,800 Total itemized deductions $ 18,650 12,400 What is his net taxable income? $ STANDARD DEDUCTION Filing Status 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. $ 12,400 $1,300* Minus: Deductions from AGI: $1,650* Taxable income Choose from any list or enter any number in the input fields and then continue to the next question. Print Done Done