Irene is disabled and receives payments from a number of sources (see below). Th

Question

Irene is disabled and receives payments from a number of sources (see below). The interest payments are from bonds that Irene purchased over past years and a disability insurance policy that Irene purchased herself.

Interest, bonds issued by City of Austin, Texas
$4,200
Social Security benefits
9,900
Interest, U.S. Treasury bills
2,700
Interest, bonds issued by Ford Motor Company
3,900
Interest, bonds issued by City of Quebec, Canada
1,540
Disability insurance benefits
24,600
Distributions from qualified pension plan
7,500

Calculate Irene

Explanation / Answer

Irene is taxed on the following incomes:

Interest, U.S. Treasury bills...............................2,700
Interest, bonds issued by Ford Motor Company.........3,900
Interest, bonds issued by City of Quebec, Canada......1,540
Distributions from qualified pension plan ...............7,500
Gross Income.......................................15,640   

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