Question

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.

Solutions

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


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