Reference no: EM132563974
Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They live at 120 Main Street, Flushing NY 11425. Michael is a law professor, working at Brooklyn College. Sabrina is currently unemployed. The following is a list of information for Michael and Sabrina Brown for the tax year 2019.
Michael wages - 80,000
Interest from Chase savings account - 500
Interest from NYS municipal bonds - 250
Rental income - 25,000
Rental operating expenses - 20,000
Capital losses - 5,000
Gambling winnings - 2,000
Gambling losses - 2,200
Roth IRA contributions - 8,000
Educational expenses incurred my Michael - 350
Self-employed taxes (from rental net income) - 1,000
Itemized deductions - 25,000
Michael and Sabrina are ages 65, and 55 respectively.
Instructions:
Question 1: Calculate the Brown's AGI.