Debbie is age 67 and unmarried. Her only sources of income are $200,000 in taxable interest and $20,000 of Social Security benef its. Debbie's adjusted gross income for the year is: a.$203,000. b.$200,000. c.$220,000. d.$217,000.
1 answer:
Answer: d.$217,000.
Explanation:
Current tax laws require that 85% of Social Security Benefits be included as AGI for the year.
Debbie's Adjusted Gross Income (AGI) for the year is therefore:
= Taxable interest income + 85% of Social Security
= 200,000 + 20,000 * 85%
= 200,000 + 17,000
= $217,000
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