Jack was employed during the first six months of the year and earned a $90,000 salary. During the next six months, he collected $7,000 of workers compensation, borrowed $6,000 and withdrew $1,000 from his savings account (including $100 interest). When he left his former employer, he withdrew his retirement benefits a lump sum of $44,000. He made no contributions to the plan. Jack’s parents loaned him $5,000 on July 1, of the current year. Jack did not repay the loan during the year and used the money for living expenses.
Calculate Jack’s adjusted gross income for the year.
