In a new post, use the Reply button at the bottom of this page to addressthe following situation Discussion During 2021, Julie, age 40, single, had the following transactions Salary $70,000 Interest income on GMC bonds 2,000 Inheritance from uncle 40,000 Contribution to her traditional IRA 5,000 Capital gains on sale of stock 1,000 Capital losses on sale of stock 7,000 Itemized deductions 20,000 At the end of the year, Julie reviews her financial records to project her adjusted gross income (AGI) to determine if she will qualify for certain tax credit Based on her calculation, she estimates adjusted gross income (AGI) will be around $81,000 (70,000 2,000 40,000 5000 1000 7000 20,000) Question A Evaluate her AGI calculation and make any necessary corrections, if any Explain your changes, if any, based on the tax law

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Question: In a new post, use the Reply button at the bottom of this page to addressthe following situation: Discussion During 2021, Julie, age 40, single,

In a new post, use the Reply button at the bottom of this page to addressthe following situation:

Discussion

During 2021, Julie, age 40, single, had the following transactions:

Salary	$70,000
Interest income on GMC bonds	2,000
Inheritance from uncle	40,000
Contribution to her traditional IRA	5,000
Capital gains on sale of stock	1,000
Capital losses on sale of stock	7,000
Itemized deductions	20,000

At the end of the year, Julie reviews her financial records to project her adjusted gross income (AGI) to determine if she will qualify for certain tax credit. Based on her calculation, she estimates adjusted gross income (AGI) will be around $81,000. (70,000 + 2,000 + 40,000 - 5000 + 1000 - 7000 - 20,000).

Question

A. Evaluate her AGI calculation and make any necessary corrections, if any. Explain your changes, if any, based on the tax law.

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