Case study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00    contributed to a traditional IRA $3,000.00     Belinda Johnson - Annual Income $94,000.00   contribued to 401(k) $3,000.00     Earned Interst  - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00   1. What is the Johnson's reportable gross income on their joint tax return? 2. What is their adjusted gross income?

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Chapter3: Preparing Your Taxes
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Case study for Harry and Belinda Johnson.

Given:

Harry Johnson - Annual Income $73,000.00
   contributed to a traditional IRA $3,000.00
   
Belinda Johnson - Annual Income $94,000.00
  contribued to 401(k) $3,000.00
   
Earned Interst  - checking & savings $400.00
Earned Interst -Trust (taxed same as check & sav) $3,000.00

 

1. What is the Johnson's reportable gross income on their joint tax return?

2. What is their adjusted gross income?

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