In: Accounting
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. |
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