For tax year 2020, a taxpayer has the following income items: $200,000 Wages (with no employer-sponsored pension) • Sale of primary residence for $250,000 (where the taxpayer lived for the past 3 years) $40,000 alimony paid, which was ordered from a 2019 divorce decree $25,000 Life Insurance proceeds $4,500 Traditional IRA contribution Is this the adjusted gross income for the taxpayer?
For tax year 2020, a taxpayer has the following income items: $200,000 Wages (with no employer-sponsored pension) • Sale of primary residence for $250,000 (where the taxpayer lived for the past 3 years) $40,000 alimony paid, which was ordered from a 2019 divorce decree $25,000 Life Insurance proceeds $4,500 Traditional IRA contribution Is this the adjusted gross income for the taxpayer?
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 29MCQ: During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000....
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Transcribed Image Text:For tax year 2020, a taxpayer has the following income items:
. $200,000 Wages (with no employer-sponsored pension)
• Sale of primary residence for $250,000 (where the taxpayer lived for the past 3 years)
$40,000 alimony paid, which was ordered from a 2019 divorce decree
• $25,000 Life Insurance proceeds
$4,500 Traditional IRA contribution
Is this the adjusted gross income for the taxpayer?
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