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Al is single, age 60, and has gross income of $140,000. His deductible expenses are as follows: Alimony(divorce finalized in 2017) $20,000 Charitable contributions 4,000 Contribution to a traditional IRA 5,500 Expenses paid on rental property 7,500 Interest on home mortgage and property taxes on personal residence 7,200 State income tax 2,200 What is Al's AGI

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abiolataiwo2015

Answer:

107,000

Explanation:

Calculation to determine the Al's AGI

Gross income of $140,000

Less Deductible expenses :

Alimony ($20,000)

Contribution to a traditional IRA ($5,500)

Expenses paid on rental property ($7,500)

Al's AGI $107,000

Therefore Al's AGI (ADJUSTED GROSS INCOME) will be $107,000

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