General Account - Dorothy Fonda is an unmarried head of household with the following income for the year: Wages, $34,500; Bank interest, $275; Municipal bond interest, $115; Lottery prize, $325; Gift from her father, $5,000. Dorothy contributed $1,250 to her traditional IRA, which she will deduct. Compute her AGI. a. $33,250.00 b. $33,575.00 c. $33,850.00 d. $33,965.00
General Account - Dorothy Fonda is an unmarried head of household with the following income for the year: Wages, $34,500; Bank interest, $275; Municipal bond interest, $115; Lottery prize, $325; Gift from her father, $5,000. Dorothy contributed $1,250 to her traditional IRA, which she will deduct. Compute her AGI. a. $33,250.00 b. $33,575.00 c. $33,850.00 d. $33,965.00
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 6BCRQ
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Transcribed Image Text:General Account - Dorothy Fonda is an unmarried head of
household with the following income for the year: Wages,
$34,500; Bank interest, $275; Municipal bond interest, $115;
Lottery prize, $325; Gift from her father, $5,000. Dorothy
contributed $1,250 to her traditional IRA, which she will
deduct. Compute her AGI.
a. $33,250.00
b. $33,575.00
c. $33,850.00
d. $33,965.00
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