Find the Adjusted gross income (AGI) for 2017 with the following details: Please Show Work -Filing Status
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Find the Adjusted gross income (AGI) for 2017 with the following details: Please Show Work
-Filing Status - Married Filing Jointly
-Both Over 65 years of age
-4 Dependents
| Group Life Insurance | $50,0000 |
| Social Security | $15,000 |
| Prize | $3,000 |
| Workers Comp | $2,000 |
| Other winnings from court case | $5,000 |
| Rent | $1,200 ($100 a month for a year) |
| Rental Property | $50,000 |
| Expense for Rental Property | Water-$50, taxes-$500, routine maintenance-$200 |
| Saving Account | $100 |
| Investment | $50,000 |
| Nonqualified Dividends@5 | $10,0000 |
| City of Mars Bonds | $1,500 |
| Telephone Split 2:1 | 100 Shares FMV of $1,000 @ 5 200 Shares FMV of $2,000 |
| Contribution to charity | $1,090 |
| Personal credit card amount | $950 |
| Real Estate taxes | $2,000 |
| Salary | $75,000 |
| Withholdings | $10,000 |
Expert Answer:
Related Book For 
Principles of Taxation for Business and Investment Planning 2016 Edition
ISBN: 9781259549250
19th edition
Authors: Sally Jones, Shelley Rhoades Catanach
Posted Date:
