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Calculate the brown agi

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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.

Reference no: EM132563974

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