Question
Lizzy is 34 year old, single mom with two kids in tax year 2020 and lives in San Diego. Owen 4 years old lives with
Lizzy is 34 year old, single mom with two kids in tax year 2020 and lives in San Diego.
Owen 4 years old lives with Lizzy all year
Katelyn 5 years old lives with Lizzy 9 months of the year and 3 months with her dad.
Lizzy has W-2 Salary income of $95,000 from the Navy
Moving expense reimbursement from the Military of $15,000.
Student Loan interest of $2,000.
IRA contribution of $6,000 for retirement savings.
State Taxes of $9,000
Sales taxes of $1,800
Charitable donations to her church of $3,900
She rents a home at the beach.
What is her taxable income?
70,350
68,350
83,350
80,100
74,100
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