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1. Ivette received Social Security benefits during the current year of $15,400. Ivettes only other sources of income were wages of $16,000, interest income from
1. Ivette received Social Security benefits during the current year of $15,400. Ivette’s only other sources of income were wages of $16,000, interest income from corporate bonds of $4,000, and taxable domestic dividends of 1,100. Ivette is single, 72-years of age, and has no dependents. Calculate Ivette’s AGI. What would be Ivette’s AGI if Ivette also had a tax-free municipal bond interest income of $9,600.
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