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Determine taxpayers adjusted gross income

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Reference no: EM133253474

Taxpayer is single and operates an ice cream parlor as a sole proprietor. Taxpayer also owns a residential rental property. Following is a list of taxpayers economic income and deductions for the year. Determine Taxpayers Adjusted Gross Income. Note that taxpayer is not eligible to participate in any employer-sponsored health insurance plan and that the self-employment tax liability amount provided is 100 percent of the liability.

Business income 110,020
Business deductions 35,000
Rental income 20,000
Rental deductions 16,000
Gambling winnings 2,000
Gambling losses 2,000
Cash gift from parents 25,000
Self-employment tax liability (this is 100%)

10,600
Health insurance premiums paid 6,000
Mortgage interest on resident 7,200
State income taxes paid 2,600
Charitable contributions, cash (not limited) 750
Allowable qualified business income deduction 11,204

Reference no: EM133253474

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