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Paula has the following income and losses. What is her AGI? Salary Long-term Capital Loss Business Loss Contribution to IRA Q

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Answer #1

ANSWER D =$37000 IS THE CORRECT ANSWER OF THE ABOVE QUESTION .

ADJUSTED GROSS INCOME IS THE INCOME WE GET AFTER SUBTRACTING THE ADJUSTMENTS FROM INCOME

ADJUSTMENTS ELIGIBLE FOR SUBTACTION FROM GROSS INCOME TO ARRIVE AT AGI ARE:

  • STUDENT LOAN AND INTEREST
  • IRA CONTRIBUTION
  • TUTION FEES
  • HEALTH SAVING ACCOUNT
  • EDCUATOR EXPENSES,etc

    ADJUSTMENTS OF LONG TERM CAPITAL LOSS,BUSINESS LOSS,OB DEDUCTIONS ARE MADE AFTER CALCULATION OF AGI TO ARRIVE AT TAXABLE INCOME .
    ONLY CONTRIBUTION TO IRA IS ELIGIBLE FOR DEDUCTION.
    SALARY - IRA CONTRIBUTION = ${(40000-3000)=37000}
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