Gabriella,a single taxpayer,has wage income of $160,000.In addition,she has $7,000 in long-term capital losses,$1,000 in long-term capital gains,$3,000 in short-term capital gains,and $1,000 in short-term losses.What is Gabriella's AGI for 2017?

A) $156,000.
B) $157,000.
C) $160,000.
D) $161,000.

Question

Zybrea Knight · Accepted Answer

Final Answer : B, Explanation :  AGI (Adjusted Gross Income) is calculated by taking gross income and subtracting specific deductions, such as contributions to a traditional IRA or alimony payments. In this case:Gross income = $160,000 + $1,000 (long-term capital gains) + $2,000 (short-term capital gains) - $7,000 (long-term capital losses) - $1,000 (short-term losses) = $155,000AGI = Gross income - deductionsSince no information regarding Gabriella's deductions is provided in the question, we assume that there are no additional deductions. Therefore:AGI = $155,000The closest option is B ($157,000) which is the answer we choose.

Gabriella,a single taxpayer,has wage income of $160,000.In addition,she has $7,000 in long-term capital losses,$1,000 in long-term capital gains,$3,000 in short-term capital gains,and $1,000 in short-term losses.What is Gabriella's AGI for 2017?

A) $156,000.
B) $157,000.
C) $160,000.
D) $161,000.

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Learning Objectives

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Gabriella,a single taxpayer,has wage income of $160,000.In addition,she has $7,000 in long-term capital losses,$1,000 in long-term capital gains,$3,000 in short-term capital gains,and $1,000 in short-term losses.What is Gabriella's AGI for 2017?A) $156,000.B) $157,000.C) $160,000.D) $161,000.

Definitions

Learning Objectives

Learning Objectives

Related questions

Gabriella,a single taxpayer,has wage income of $160,000.In addition,she has $7,000 in long-term capital losses,$1,000 in long-term capital gains,$3,000 in short-term capital gains,and $1,000 in short-term losses.What is Gabriella's AGI for 2017?

A) $156,000.
B) $157,000.
C) $160,000.
D) $161,000.