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  3. interest and the raffle i won. that makes sense. n

interest and the raffle I won. That makes sense. Next it sounds like I need...

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Question

Accounting

interest and the raffle I won. That makes
sense.
Next it sounds like I need to make some
adjustments to get to my adjusted gross
income.
What adjustments to gross income is Jamie
Lee able to make?
Her $360 IRA contribution is deductible
Her great aunt's gift is an adjustment which
increases her income by $2,500
Her savings interest ( $228) and IRA
contribution ( $360) are both deductible.
Financial Situation
Exhibit 4-1
Margin!
Marginal Tax Rates
Rate on Taxable
Income
Standard
Deduction
10%
12
22
24
33
35
37
Her IRA ($360) and gift ($2,500) are both
deductible.
image

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