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Compute the taxable income for 2020 for Aiden on the basis of the following information. Aiden is married but has not seen or heard
Compute the taxable income for 2020 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2018. Salary Interest on bonds issued by City of Boston $80,000 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid upon death of aunt (Aiden was the designated beneficiary of the policy) Inheritance received upon death of aunt 200,000 100,000 Jackson (a cousin) repaid a loan Aiden made to him in 2014 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions) 9,700 Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) Age 3 43 Click here to access the standard deduction table to use, if required. a. Indicate whether the items are taxable or not taxable to Aiden. Cash dividend received on Chevron common stock Taxable Salary Taxable Interest on bonds issued by City of Boston Taxable Life insurance proceeds Not taxable Taxable Interest on a CD issued by Wells Fargo Bank Inheritance received upon the death of his aunt Proceeds from repayment of a loan Not taxable Not taxable b. What is Aiden's filing status? Surviving spouse c. Should Aiden itemize his deductions or take the standard deduction? He should itemize his deductions. d. Aiden's taxable income in 2020 is $
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