Alexandra, a cash basis taxpayer who turned 58 in 2022, takes care of her elderly parents and provides more than half of the support to them. She purchased an annuity from an insurance company for $75,000. In return, she is to receive $600 per month for life. Refer to Ordinary Life Annuities: One Life - Expected Return Multiples. In addition, Alexandra's earned $55,000 salary and had interest income of $4,500 from City of Albuquerque bonds. Her medical expenses for the year are $7,460 and her charitable contributions were $375. What is the Alexandra's taxable income for year 2022?

Alexandra, a cash basis taxpayer who turned 58 in 2022, takes care of her elderly parents and provides more than half of the support to them. She purchased an annuity from an insurance company for $75,000. In return, she is to receive $600 per month for life. Refer to Ordinary Life Annuities: One Life - Expected Return Multiples. In addition, Alexandra's earned $55,000 salary and had interest income of $4,500 from City of Albuquerque bonds. Her medical expenses for the year are $7,460 and her charitable contributions were $375. What is the Alexandra's taxable income for year 2022?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 38P

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