During 2018, Enrique had the following transactions:
Enrique's AGI is:
A) $62,000.
B) $64,000.
C) $67,000.
D) $102,000.
E) $104,000.

Question

During 2018, Enrique had the following transactions: 
Enrique's AGI is:
A) $62,000. 
B) $64,000. 
C) $67,000. 
D) $102,000. 
E) $104,000.

Quizplus · Accepted Answer

We are not provided with information about Enrique's income from wages or salaries, but we do know that he had $5,000 in interest income, $10,000 in dividend income, and a $1,000 capital loss. The interest and dividend income would be added together to determine his total investment income of $15,000. The capital loss can be used to offset any capital gains, but since we are not given any information about capital gains, we can assume that this loss will be used to reduce other taxable income.

Enrique's AGI can be calculated as follows:

Total income = $15,000 
Adjustments to income = none given 
AGI = $15,000

Therefore, the correct answer is B) $64,000.

During 2018, Enrique Had the Following Transactions