Quinn is single, age 52 and has the following income and expenses for 2020: Wages earned 40,000 Worker's compensation 10,000 Gift from aunt 8,000 5,000 3,000 4,500 7,000 Qualified dividends Long-term gain on the sale of personal jewelry Qualified student loan interest Qualified contribution to traditional IRA Calculate Quinn's AGI (adjusted gross income). All calculations must be shown.

Quinn is single, age 52 and has the following income and expenses for 2020: Wages earned 40,000 Worker's compensation 10,000 Gift from aunt 8,000 5,000 3,000 4,500 7,000 Qualified dividends Long-term gain on the sale of personal jewelry Qualified student loan interest Qualified contribution to traditional IRA Calculate Quinn's AGI (adjusted gross income). All calculations must be shown.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 39P

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In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________
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