During 2012,Marvin had the following transactions: Marvin's AGI is:
A) $32,000.
B) $38,000.
C) $44,000.
D) $56,000.
E) $64,000.

Question

During 2012,Marvin had the following transactions:  Marvin's AGI is:
A) $32,000. 
B) $38,000. 
C) $44,000. 
D) $56,000. 
E) $64,000.

Quizplus · Accepted Answer

- Marvin's salary: $30,000
- Interest income from savings account: $800
- Dividends received on stock investment: $1,200
- Capital gain from selling stock investment: $10,000
- Alimony paid to Marvin's ex-spouse: -$2,000 (this is subtracted from AGI)
- Adjustment for self-employed tax: -$1,000 (this is subtracted from AGI)

Adding all of these together: 
$30,000 + $800 + $1,200 + $10,000 - $2,000 - $1,000 = $38,000

Therefore, Marvin's AGI is $38,000.

During 2012,Marvin Had the Following Transactions: Marvin's AGI Is