OTHER INFORMATION 1. Sarah's at-risk basis in Bergamont Consulting, of which she is the sole proprietor,...

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OTHER INFORMATION 1. Sarah's at-risk basis in Bergamont Consulting, of which she is the sole proprietor, at the beginning of the year is $5,000. There are no suspended losses. She was a material participant in the business and it was considered a for-profit activity. 2. During the year the Connors sell 100% of their interest in the partnership YRM, Ltd, a passive activity. At the time of the sale they had $35,000 of suspended passive activity losses associated with the investment and an adjusted basis of $17,000. 3. John made a $15,000 contribution to his 401k plan, and Sarah made the maximum allowable contribution to her Roth IRA 4. The taxpayers itemize their deductions. Required: What is the Conner's AGI for 2023? OTHER INFORMATION 1. Sarah's at-risk basis in Bergamont Consulting, of which she is the sole proprietor, at the beginning of the year is $5,000. There are no suspended losses. She was a material participant in the business and it was considered a for-profit activity. 2. During the year the Connors sell 100% of their interest in the partnership YRM, Ltd, a passive activity. At the time of the sale they had $35,000 of suspended passive activity losses associated with the investment and an adjusted basis of $17,000. 3. John made a $15,000 contribution to his 401k plan, and Sarah made the maximum allowable contribution to her Roth IRA 4. The taxpayers itemize their deductions. Required: What is the Conner's AGI for 2023?

Answer rating: 100% (QA)

To calculate the Conners Adjusted Gross Income AGI for 2023 we need to consider the given information Given information 1 Sarahs atrisk basis in Berga... View the full answer