Problem $3-24($LO$.1)$

The following information applies to Emily for $2024.$ Her filing status is single.

Salary $$85,000$

Interest income from bonds issued by Xerox $1,100$

Alimony payments received $($divorce occurred in $2014)6,000$

Contribution to traditional IRA $7,000$

Gift from parents $25,000$

Gain from sale of stock investment $3,000$

Amount lost in football office pool $($gambling loss$)500$

Age $40$