Calculate palmer adjusted gross income for the year

Reference no: EM132219656

Question - Palmer was employed during the first six months of 2018 and earned a $90,000 salary. During the next 6 months, he collected $7,200 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60 interest). When he left his former employer, he withdrew his retirement benefits (a qualified annuity) in a lump-sum of $50,000. He made no contributions to the plan. Palmer's parents loaned him $10,000 (interest-free) on July 1 of the current year, when the Federal rate was 3%. Palmer did not repay the loan during the year and used the money for living expenses.

Calculate Palmer's adjusted gross income for the year.

Reference no: EM132219656

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