POSSI 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 (Click the icon to view the information ) (Click the icon to view the standard deduction schedule ) Read the requirement 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.) Adjusted gross income (AGI) Now calculate the itemized deductions. Total itemized deductions What is his net taxable income? Minus. Deductions from AGI: Taxable income x More info AGI without any investment income $ 130,000 State income taxes paid 8,400 Dividend income 10,000 Interest income 2,100 7,800 Qualified residence interest Investment expenses (exclusive of interest) 8,000 Net short term capital gains 7,300 Net long term capital gain 8,600 Print Done STANDARD DEDUCTION Filing Status $ 24,800 $ 18,650 $ 12,400 $ GA 12,400 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. $1,300* $1,650* W Print Done