c If you elect to use the lump-sum election method, check here (see instructions) 7 Capital gain or (loss). Attach Schedule D if required if not required, check here 8 Other income from Schedule 1, line 10 9 Add lines 12,2b,3b,4b,5b,6b,7, and 8 . This is your total income 10 Adjustments to income from Schedule 1, the 26 11 Subtract line 10 from line 9 . This is your adjusted gross income 12 Standard deduction or itemized deductions (trom Schedule A) n Section 951(a) inclusion (see instructions) o. Section 951A (a) inclusion (see instructions) p Section 461(0) excess bustness loss adpustment q Taxable distributions from an ABLE account (see instructions) r. Scholarship and fellowship grants not reported on Form W-2 Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1 a or 1d Pemsion or annuly from a nonqualifed deferred compensation plan or a nongovemmental section 457 plan Wages eamed while incarcerated z Other income. List type and amount \begin{tabular}{|c|c|} \hline 8n \\ \hline 80 \\ \hline 8p & \\ \hline 8q & \\ \hline 8r & \\ \hline 8s & \\ \hline 8t & \\ \hline 8u & \\ \hline 8z & \\ \hline \end{tabular} Part I Additional Income 1 2a b 3 4 5 6 7 8 a b Taxable refonds, cindits, or offsets of state and local income taxes Amony tecerved Dafe of original diverce or separation agreement (sce instructicas) Business incomo or (loss). Attach Schedule C Other gains or (losses). Ansch Feem 4797 Rental real estate, royattes, partnershipa; 5 corporabons, trusts, efe Aattach Schedule E Farm income of (doss), Artach Schedule F Unemployment compensabon Other income Net operating loss - Gambling h. Ken received $32,400 of interest from corporate bonds and money market accounts 2. Complete page 1 of Form 1040 through line 9 and Schedule 1 for Ken. Note: Input all the values as positive numbers. Enter ony non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in ony given information or Problem Statement. Use 2023 tax rules regordless of year on tax form. Ken does not wish to contribute to the Presidential Election Compaign fund and did not have any virtual currency transactions or interests. Social security numbers: Ken: 111223333 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. o. Ken won $1,440 in an illegal game of poker (the game was played in Utah, where gambling is illegal). b. Ken sold 1,240 shares of stock for $32 a share. He inherited the stock two years ago. His tax basis (or investment) in the stock was $31 per share. c. Ken received $27,400 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years, for $230,160. d. Ken received $13,600 in disability benefits for the year. He purchased the disability insurance policy last year. e. Ken decided to go back to school to leam about European history. He received a $740 cash scholarship to attend. He used $420 to pay for his books and tuition, and he applied the rest toward his new car payment. f. Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken as a gift from Mike to Ken. Ken received the check on December 30 in the amount of $1,460. 9. Ken received a $730 refund of the $3,840 in state income taxes his employer withheld from his pay last year. Ken claimed $13,240 in itemized deductions last year (the standard deduction for a single filer was $12,950 )
