In 2022, Jessie had Box 1 wages of $87,000, interest income from a bank account of $4,500, a state income tax refund of $1,000, and inherited stock, which her mother had purchased in 2000 for $25,000, and was worth $75,000 at the date of her mother's death on July 1, 2022. She immediately sold the stock for $75,000. Assume she had no other income, and no adjustments to gross income. Assume she did not itemize for her federal income tax return in 2021. What is her Adjusted Gross Income in 2022?

In 2022, Jessie had Box 1 wages of $87,000, interest income from a bank account of $4,500, a state income tax refund of $1,000, and inherited stock, which her mother had purchased in 2000 for $25,000, and was worth $75,000 at the date of her mother's death on July 1, 2022. She immediately sold the stock for $75,000. Assume she had no other income, and no adjustments to gross income. Assume she did not itemize for her federal income tax return in 2021. What is her Adjusted Gross Income in 2022?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...

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