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In: Accounting

Ibrahim, who is married to Ana and filing MFJ, had the following transactions for 2019: Salary &nbs

Ibrahim, who is married to Ana and filing MFJ, had the following transactions for 2019:

Salary $70,000

Capital loss from a stock investment 4,000

Medical expenses 10,000

IRA traditional contributions 5,000

Property taxes on personal residence 2,000

Ibrahim deductions for AGI for 2019 is:

	A.	$19,000.
	B.	$9,000.
	C.	some other amount.
	D.	$8,000.
	E.	$21,000.

Dima, who is 45 years old and single, had the following transactions for 2019:

Salary $56,000

Interest income on ExxomMobil Corporation bonds 2,000

Gift from parents 12,000

Contribution to traditional IRA 7,000

Lottery winnings 5,000

Dima’s AGI for 2019 is:

	A.	$56,000.
	B.	$68,000.
	C.	some other amount.
	D.	$57,000.
	E.	$61,000.

Expert Solution

1 ) Answer: Option A= $19,000

Capital loss from a stock investment 4,000

Medical expenses 10,000

IRA traditional contributions 5,000

2) Answer : Option A = $56,000

Salary $56,000

Add: Interest income on ExxomMobil Corporation bonds 2,000

Add: Contribution to traditional IRA 7,000

Add: Lottery winnings 5,000

ekkarill92 answered 1 year ago

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