Robert is married filing jointly, had a gross income of $72,000, and incurred the following expenses: Expense Charitable contributions Property taxes and mortgage interest Investment advisor fees Amount $3,800 $11,200 $1,500 Medical expenses incl. a contribution to his FSA of $3,000 $7,500 401(k) contributions His AGI is: a. $57,300 b. $60,800 c. $66,000 d. $72,000 $6,000
Robert is married filing jointly, had a gross income of $72,000, and incurred the following expenses: Expense Charitable contributions Property taxes and mortgage interest Investment advisor fees Amount $3,800 $11,200 $1,500 Medical expenses incl. a contribution to his FSA of $3,000 $7,500 401(k) contributions His AGI is: a. $57,300 b. $60,800 c. $66,000 d. $72,000 $6,000
Chapter21: Partnerships
Section: Chapter Questions
Problem 3BCRQ
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Provide correct solution and accounting
Transcribed Image Text:Robert is married filing jointly, had a gross income of $72,000, and incurred
the following expenses:
Expense
Charitable contributions
Property taxes and mortgage interest
Investment advisor fees
Amount
$3,800
$11,200
$1,500
Medical expenses incl. a contribution to his FSA of $3,000 $7,500
401(k) contributions
His AGI is:
a. $57,300
b. $60,800
c. $66,000
d. $72,000
$6,000
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