question 8 of 10\nlydia made $56,750 last year. she paid $1200 in student loan interest and made a $3000…

question 8 of 10\nlydia made $56,750 last year. she paid $1200 in student loan interest and made a $3000 contribution to her ira. on her federal tax return, she will claim $52,550 to be her \n\na. agi\n\nb. standard deduction\n\nc. gross income\n\nd. taxable income

question 8 of 10\nlydia made $56,750 last year. she paid $1200 in student loan interest and made a $3000 contribution to her ira. on her federal tax return, she will claim $52,550 to be her \n\na. agi\n\nb. standard deduction\n\nc. gross income\n\nd. taxable income

Answer

Brief Explanations:

Gross income is the total income before any deductions. Here, Lydia's gross income is $56,750. A standard - deduction is a set amount taxpayers can deduct from their income. Taxable income is calculated after deductions. Adjusted Gross Income (AGI) is calculated by subtracting certain deductions from gross income. The student loan interest ($1200) and IRA contribution ($3000) are deductions from the gross income. $56750-(1200 + 3000)=52550$, which is the AGI.

Answer:

A. AGI