Answered

At Westonci.ca, we make it easy for you to get the answers you need from a community of knowledgeable individuals. Get detailed and precise answers to your questions from a dedicated community of experts on our Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

what is taxable incomeTanya (born 10-31-90) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyone else. Tanya can claim adjustments of $800 for her student loan and $1200 for an IRA. She had the following income: Wages $22,594

Sagot :

jepessoa

Answer:

Interests on student loans and IRA contributions are above the line deductions, which means that they decrease a person's AGI before they take any itemized or standard deduction.

Tanya's AGI before taking any deduction = $22,594 - $2,000 = $20,594

Assuming that she is filing her 2020 taxes, the standard deduction for single filers is $12,400, so her total taxable income = $20,594 - $12,400 = $8,194.

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.