Amir, who is single, retired from his job this year. He received a salary of $22,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $3,500. On August 1, he began receiving monthly pension payments of $1,200 and Social Security payments of $500. Assume an exclusion ratio of 40% for the pension Amir owns a duplex that he rents to others. He received rent of $11,000 and incurred $15,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Amir's adjusted gross income. Salary Dividend income Pension income (taxable portion) Gross income Minus: Deductions for Adjusted gross income Adjusted gross income 22000 3500
Amir, who is single, retired from his job this year. He received a salary of $22,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $3,500. On August 1, he began receiving monthly pension payments of $1,200 and Social Security payments of $500. Assume an exclusion ratio of 40% for the pension Amir owns a duplex that he rents to others. He received rent of $11,000 and incurred $15,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Amir's adjusted gross income. Salary Dividend income Pension income (taxable portion) Gross income Minus: Deductions for Adjusted gross income Adjusted gross income 22000 3500
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 51P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT