Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings account $1,000 Noelle found a bracelet worth $3,000 on the beach. Self Employment tax paid $4,000 S Corporation loss $50,000 Contribution to health savings account for $1,500. Noelle won $1,000, in a Soccer Pool. Noelle inherited $300,000 from her great Uncle Norbert. Educator expenses $1,000 Rental income $20,000. Dividends, $40,000 bb.Partnership loss $30,000
1. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for
Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson.
- A gift from her mother Nia, $30,000
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Noelle has a sole proprietorship, candy shop. The net income is $120,000
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Salary $100,000.
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Bonus $40,000
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Capital loss $20,000
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Contribution to individual retirement account, $1,000
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Child support received, $30,000
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Alimony received $50,000. The divorce was signed on January 15, 2018.
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Noele won $20,000 in a national bowling tournament.
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Noelle received $20,000 from a legal settlement for a dog bite on her leg.
-
Student loan interest paid $1,000.
-
Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from
2017.
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Workman’s compensation $30,000
-
Unemployment compensation $40,000 -
Interest from a City of Nashville Bond, $7,000
-
Treasury bill interest $10,000
-
Interest from CitiGroup Account $5,000
-
Penalty for early withdrawal from timed savings account $1,000
-
Noelle found a bracelet worth $3,000 on the beach.
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Self Employment tax paid $4,000
-
S Corporation loss $50,000
-
Contribution to health savings account for $1,500.
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Noelle won $1,000, in a Soccer Pool.
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Noelle inherited $300,000 from her great Uncle Norbert.
-
Educator expenses $1,000
-
Rental income $20,000.
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Dividends, $40,000 bb.Partnership loss $30,000
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