Question

Gretchen made $ 56750 last year. She paid $1,200 in student loan interest and made a $3,000 contribution to her IRA. On her federal tax return, shw will claim $4,200 to be the amount of her:

Answer 1

Answer:

D. Adjustments

Step-by-step explanation:

A. Standard deduction

B. Taxable Income

C. AGI

D. Adjustments

she will claim $4,200 to be the amount of her adjustment.

Gretchen's income = $56,750

Adjustment to income includes : student loan interest and IRA Contribution

student loan interest $1,200

IRA Contribution $3,000

Total $4,200

Gretchen's income = $56,750

less: Adjustments to income = $4,200

Balance = $52,550

The balance is the taxable income

Answer 2

Answer:

D. Adjustments

Step-by-step explanation:

A P E X