Tonya had the following items for last year:
Short-term capital gain
Nonbusiness bad debt
Long-term capital loss
For the current year, Tonya had the following items:
Collection of last year’s bad debt
Determine Tonya's adjusted gross income for the current year.
Adjusted gross income = total gross income - deductions. TGI = Salary + Capital gains (losses) = $45,000 + $12,000 - $8,000 = $49,000 AGI = $49,000 - $12,000 $37,000