Question

Lori had the following income and losses during the current year: Wages $22,000 Share of partnership...

Lori had the following income and losses during the current year:

Wages $22,000
Share of partnership income 18,000
Unemployment compensation 12,000
Gambling winnings 2,000
Gambling losses ( 5,000)
Prize won from a charity raffle 30,000

What is Lori's adjusted gross income?

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Answer #1

Answer:-$84000

Gambling losses to the extent of gambling winnings are deductible as itemized deduction and do not affect AGI

= 22000+18000+12000+2000+30000

=$84000

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