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During the current year, Travis takes out a $40,000 loan, using stock he owns as collateral. He uses $10,000 to purchase a car, which he uses 100% for personal Travis also reports the following for the year: use. He uses the remaining funds to purchase stocks and bonds. He pays $3,200 interest on the loan. i (Click the icon to view the information.) (Click the icon to view the standard deduction schedule.) Read the requirement. Begin by calculating the adjusted gross income (AGI). (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) More Info X AGI without any investment income AGI without any investment income $ 130,000 Dividend income State income taxes paid 8,400 Interest income Investment expenses Dividend income 10,000 Investment interest Interest income 2,100 Itemized deductions Qualified residence interest 7,800 Loan proceeds Investment expenses (exclusive of interest) 8,000 Long-term capital gain Net short term capital gains 7,300 Personal and dependency exemptions Net long term capital gain 8,600 Short-term capital gain Standard deduction Schedule of Standard Deductions X Total itemized deductions STANDARD DEDUCTION What is his net taxable income? Filing Status Married individuals filing joint returns and surviving spouses 24,800 Minus: Deductions from AGI: Heads of households 18,650 Unmarried individuals (other than surviving spouses and heads of households) $ 12,400 Married individuals filing separate returns 12,400 Taxable income Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,300* $1,650* Choose from any list or enter any number in the input fields and then continue to the next question. Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind