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Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $ 85,000 Dividends 5,000 Capital Gains 10,000 Capital Losses (15,000) Lottery Winnings 10,000 Mitch's expenditures for 2021 are as follows: Alimony (pre-2016 divorce) $ 20,000 Medical 8,000 Property Tax on Personal Residence 12,000 State Income taxes 3,800 Credit Card Payments (includes interest expense of $2,000) 8,500 What is Mitch's Adjusted Gross Income for 2021? ○ 90,000 O 85,000 O 77,000 65,000

Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $ 85,000 Dividends 5,000 Capital Gains 10,000 Capital Losses (15,000) Lottery Winnings 10,000 Mitch's expenditures for 2021 are as follows: Alimony (pre-2016 divorce) $ 20,000 Medical 8,000 Property Tax on Personal Residence 12,000 State Income taxes 3,800 Credit Card Payments (includes interest expense of $2,000) 8,500 What is Mitch's Adjusted Gross Income for 2021? ○ 90,000 O 85,000 O 77,000 65,000

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 16P
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Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $ 85,000 Dividends 5,000 Capital Gains 10,000 Capital Losses (15,000) Lottery Winnings 10,000 Mitch's expenditures for 2021 are as follows: Alimony (pre-2016 divorce) $ 20,000 Medical 8,000 Property Tax on Personal Residence 12,000 State Income taxes 3,800 Credit Card Payments (includes interest expense of $2,000) 8,500 What is Mitch's Adjusted Gross Income for 2021? 90,000 85,000 77,000 O 65,000
Transcribed Image Text:Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $ 85,000 Dividends 5,000 Capital Gains 10,000 Capital Losses (15,000) Lottery Winnings 10,000 Mitch's expenditures for 2021 are as follows: Alimony (pre-2016 divorce) $ 20,000 Medical 8,000 Property Tax on Personal Residence 12,000 State Income taxes 3,800 Credit Card Payments (includes interest expense of $2,000) 8,500 What is Mitch's Adjusted Gross Income for 2021? 90,000 85,000 77,000 O 65,000
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