Amir, who is single, retired from his job this year. He received a salary of $25

Question

Amir, who is single, retired from his job this year. He received a
salary of $25,000 for the portion of the year that he worked, tax-exempt interest of
$3,000, and dividends from domestic corporations of $2,700. On September 1, he began
receiving monthly pension payments of $1,000 and Social Security payments of $600.
Assume an exclusion ratio of 40% for the pension. Amir owns a duplex that he rents to
others. He received rent of $12,000 and incurred $17,000 of expenses related to the
duplex. He continued to actively manage the property after he retired from his job.
Compute Amir’s adjusted gross income.

Explanation / Answer

$25000 wages $2,700 dividends $600 pension $12,000 Rent - $12,000 Rent Expense AGI = $28,300

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