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What is the total reportable gross income from all sources

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Reference no: EM13848198

The Sandler family consists of two married adults, and two teenagers. Mr. and Mrs. Sandler will file their IRS return as a joint return. Their financial data is as follows:

Gross income: Samuel (father) $42,000; Jerri (mother) $40,000

Life insurance proceeds from a deceased aunt: $10,000

Interest from savings: $140

Alimony from Jerri's ex-husband:  $4380

Child-support payments received from Jerrii's ex-husband: $14,200

Cash as a Christmas gift from Samuel's parents: $500

Tuition/books scholarship Jerri received to go to college part time last year: $1600

Determine the total reportable gross income:

This is the income they earned and received during the year, not just their salaries. Check pages 109-113 and make sure you get the right items to include as income.

What is the total reportable gross income from all sources? -

After they put $5600 into qualified retirement plan accounts last year, what is their adjusted gross income?

Reference no: EM13848198

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