what is taxable incomeTanya (born 10-31-90) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyone else. Tanya can claim adjustments of $800 for her student loan and $1200 for an IRA. She had the following income: Wages $22,594

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Viscontesarah6299idn Viscontesarah6299idn

07-01-2021
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what is taxable incomeTanya (born 10-31-90) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyone else. Tanya can claim adjustments of $800 for her student loan and $1200 for an IRA. She had the following income: Wages $22,594

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Jepessoaidn Jepessoaidn · Answer 1 · 2021-01-07T20:06:09-05:00

Jepessoaidn Jepessoaidn

07-01-2021

Answer:

Interests on student loans and IRA contributions are above the line deductions, which means that they decrease a person's AGI before they take any itemized or standard deduction.

Tanya's AGI before taking any deduction = $22,594 - $2,000 = $20,594

Assuming that she is filing her 2020 taxes, the standard deduction for single filers is $12,400, so her total taxable income = $20,594 - $12,400 = $8,194.

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