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2 years ago

Daniel, age 38, is single and has the following income and expenses in 2020:

Business

1 answer:

sergejj [24]2 years ago

8 0

Answer:

A. $90,800

B. $87,575

Explanation:

Calculation to determine Daniel's gross income and his AGI

A. Calculation for the Gross income using this formula

Gross income=Salary income + Net rent income + Dividend income

Let plug in the formula

Gross income= $87,000 + 2,500 + 1,300

Gross income=$90,800

Therefore her Gross income is $90,800

B. Calculation to determine the AGI using this formula

AGI=Gross income - (Contribution to traditional IRA + Loss on sale of real estate)

Let plug in the formula

AGI= $90,800 - ($2,400 + $825)

AGI=$90,800-$3,225

AGI=$87,575

Therefore her AGI is $87,575

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