Question
Lorna, 32 and single, is a full-time student who works as a tennis instructor earning $2,500 per month. This year she received a gift of
Lorna, 32 and single, is a full-time student who works as a tennis instructor earning $2,500 per month. This year she received a gift of $1,500 from her grandmother for her birthday and received $3300 in scholarship funds that was more than enough to cover her $3000 in tuition and books. After reading a personal finance blog, she decides to open and make contributions to a Roth IRA. In the past year, she contributed $4,000 to her Roth IRA and $2,000 to her 401k. The Roth IRA generated $175 in income, which she did not withdraw. What is her AGI?
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