Reference no: EM133129419

Question 1 - Jack was employed during the first six months of the year and earned a $90,000 salary. During the next six months, he collected $7,000 of workers' compensation, borrowed $6,000 and withdrew $1,000 from his savings account (including $100 interest). When he left his former employer, he withdrew his retirement benefits a lump sum of $44,000. He made no contributions to the plan. Jack's parents loaned him $5,000 on July 1, of the current year. Jack did not repay the loan during the year and used the money for living expenses. Calculate Jack's adjusted gross income for the year.

Question 2 - Mark is a salesperson and a cash-method taxpayer. His earnings for the year were $70,000. During the year he received $10,000 in advances on future commissions. He repaid $3,000. How much income should Mark report for the year?

Question 3 - Sam age 56 and sally age 49 are married. Neither is covered by an employer retirement plan. What is the maximum amount they can contribute to an IRA account for 2021?

Question 4 - John files a return as a single taxpayer. In 2021, he had the following items:

Salary of $70,000

Loss of $65,000 on sale of section 1244 stock acquired two years ago.

Interest income of $5,000

Determine John's AGI for 2021?

Question 5 - Roger, age 19, received the following payments:

$3,600 State scholarship for ten months (tuition and books).

$1,500 Loan from college financial aid office

$1,700 Interest on NYC bond

$1,600 Interest on T Bill.

$1,400 Interest on OID

$2,000 Summer Employment

$300 State Tax Refund

What is Rogers adjusted gross income?