In 2020, Tim, a single taxpayer, has ordinary income of $30,000. In addition, he has $2,000 in short- term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2020? Group of answer choices $26,000 $32,000 $27,000 $30,000

In 2020, Tim, a single taxpayer, has ordinary income of $30,000. In addition, he has $2,000 in short- term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2020? Group of answer choices $26,000 $32,000 $27,000 $30,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 9MCQ: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in...

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Question

In 2020, Tim, a single taxpayer, has ordinary income of $30,000. In addition, he has $2,000 in short-
term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What
is Tim's AGI for 2020?
Group of answer choices
$26,000
$32,000
$27,000
$30,000

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