Which of the following is a deduction for AGI? a. Roof repairs to a personal use home. b. Contribution to a traditional IRA. c. Property tax on personal residence. d. Safe deposit box rental fee in which stock certificates are stored. e. All of these choices are correct.

Question

Social Studies

Leonard Haynes

23 June, 05:37

Which of the following is a deduction for AGI? a. Roof repairs to a personal use home. b. Contribution to a traditional IRA. c. Property tax on personal residence. d. Safe deposit box rental fee in which stock certificates are stored. e. All of these choices are correct.

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Answers (1)

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Corbin Hendrix · Answer 1

The answer is letter B. Contribution to a traditional IRA is a deduction for AGI.

Explanation:

Adjusted gross income (AGI) is a calculated from an individual gross income and used to determine how much of their income is taxable. Retirement plan contributions are deductible, so is The Individual Retirement Accounts (IRA), for example.

The alternative A: "Roof repairs to a personal use home" Is not deductible. And "Property tax on personal residence" and "Safe deposit box rental fee in which stock certificates are stored" are deductions from gross income AGI, not for.