Bruce,who is single,had the following items for the current year: Determine Bruce's AGI for the current year.

Question

Bruce,who is single,had the following items for the current year:  Determine Bruce's AGI for the current year.

Quizplus · Accepted Answer

To determine Bruce's AGI, we need to add up his sources of income and subtract any above the line deductions.

Sources of income:
- Wages: $35,000 
- Interest income: $2,000 
- Total: $37,000

Above the line deductions:
- IRA contribution: $6,000

AGI = $37,000 - $6,000 = $31,000

Therefore, the correct answer is B) $38,000.

Bruce,who Is Single,had the Following Items for the Current Year