Travis is single. What is his net taxable income? Start by calculating the AGI

During the current year, Travis takes out a $20,000 loan, using stock he owns as collateral. He uses $4,000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $1,600 interest on the loan. AGI without any investment income State income taxes paid 120,000 8,200 10,000 2,600 Dividend income Interest income 7,900 8,000 Qualified residence interest Investment expenses (exclusive of interest) Net short term capital gains Net long term capital gain 7,200 8,400 STANDARD DEDUCTION Filing Status A $ $ $ $ A 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. 24,400 18,350 12,200 12,200 $1,300* $1,650* A During the current year, Travis takes out a $20,000 loan, using stock he owns as collateral. He uses $4,000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $1,600 interest on the loan. AGI without any investment income State income taxes paid 120,000 8,200 10,000 2,600 Dividend income Interest income 7,900 8,000 Qualified residence interest Investment expenses (exclusive of interest) Net short term capital gains Net long term capital gain 7,200 8,400 STANDARD DEDUCTION Filing Status A $ $ $ $ A 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. 24,400 18,350 12,200 12,200 $1,300* $1,650* A