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Debbie is age 67 and unmarried and her only source of income are $200,000 in taxable...

Debbie is age 67 and unmarried and her only source of income are $200,000 in taxable interest and $20,000 of social security benefits. Debbie' s adjusted gross income for the year is:

a. $220,000

b.$217,000

c. $203,000

d. $200,000.

e. None of these

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Answer #1

Debbie's AGI for the year is

= (20,000*85%) + 200,000

= 17,000 + 200,000

= 217,000

Option B is the answer

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