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Computing AGI Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They...

Computing AGI

Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They live at 120 Main Street, Flushing NY 11425. Michael is a law professor, working at Brooklyn College. Sabrina is currently unemployed. The following is a list of information for Michael and Sabrina Brown for the tax year 2019.

Michael wages – 80,000

Interest from Chase savings account – 500

Interest from NYS municipal bonds - 250

Rental income – 25,000

Rental operating expenses – 20,000

Capital losses – 5,000

Gambling winnings – 2,000

Gambling losses – 2,200

Roth IRA contributions – 8,000

Educational expenses incurred my Michael – 350

Self-employed taxes (from rental net income) – 1,000

Itemized deductions – 25,000

Michael and Sabrina are ages 65, and 55 respectively.

Instructions: Calculate the Brown’s AGI.

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Expert Solution

Answer:

ekkarill92 answered 2 years ago
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