Reference no: EM132863720
Question - You have a client, Anna. Anna, who is 38 years old and has a 5-year-old daughter (Suzy), divorced from her husband in 2017. In 2020; you picked her up as a client. She has the following forms of income.
a. W-2 from her law firm for $140,000, before deductions.
b. Contributions to her 401k plan for $10,000.
c. Charitable Contributions of $500 for the year (she will have a standard deduction).
d. She received a gift from her father of $25,000, where the exclusion was $15,000 this year.
e. Her aunt died in 2020, and Anna received an inheritance of $25,000, with instructions to provide the inheritance for her daughter's schooling.
f. She received $20,000 alimony, with $6000 of it being designated as dropping off, when Suzy turns 18, or 24, if she goes to college.
Required -
1. What is her gross income in 2020 to be reported on Line 9 of Schedule 1, Part I?
2. What is her Total Adjustments as to be shown on Line 22 of Schedule 1, Part II?
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