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Consider the following letter and answer Shady s question. To my friendly student tax preparer: Hello, my name is Shady Slim. I understand you are
Consider the following letter and answer Shadys question.
To my friendly student tax preparer:
Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income for the year whatever that means. Its been a busy year and Im a busy man, so let me give you the lowdown on my life and you can do your thing.
I was unemployed at the beginning of the year and got $ in unemployment compensation. I later got a job as a manager for Roca Cola. I earned $ in base salary this year. My boss gave me a $ Christmas bonus check on December I decided to hold on to that check and not cash it until next year, so I wont have to pay taxes on it this year. Pretty smart, huh? My jobs pretty cool. I get a lot of fringe benefits like a membership to the gym that costs $ a year and all the Roca Cola I can drink, although I cant really drink a whole lotI figure $ worth this year.
As part of my manager duties, I get to decide on certain things like contracts for the company. My good buddy, Eddie, runs a bottling company. I made sure that he won the bottling contract for Roca Cola for this year even though his contract wasnt quite the best Eddie bought me a Corvette this year for being such a good friend. The Corvette cost $ and Im sure he bought it for me out of the goodness of his heart. What a great guy!
Heres a bit of good luck for the year. Upon leaving my office one day, I found $ lying in the street! Well, one persons bad luck is my good luck, right?
I like to gamble a lot. I won a $ poker tournament in Las Vegas this year. I also won about $ over the year playing the guys at our Friday night poker game. Can you believe that I didnt lose anything this year?
Speaking of the guys, one of them hit me with his car as we were leaving the game one night. He must have been pretty ticked that he lost! I broke my right leg and my left arm. I sued the guy and got $ for my medical expenses and $ to pay my psychotherapist for the emotional problems I had relating to the injuries I got really depressed! and I won $ in punitive damages. Thatll teach him that hes not so tough without his car!
Another bit of bad luck. My uncle Monty died this year. I really liked the guy, but the $ inheritance I received from him made me feel a little better about the loss. I did the smart thing with the money and invested it in stocks and bonds and socked a little into my savings account. As a result, I received $ in dividends from the stock, $ in interest from the municipal bonds, and $ in interest from my savings account.
My exwife, Alice, is still paying me alimony. Shes a lawyer who divorced me in because I was unethical or something like that. Because she was making so much money and I was unemployed at the time, the judge ruled that she had to pay ME alimony. Isnt that something? She sent me $ in alimony payments this year. She still kind of likes me though. She sent me a check for $ as a Christmas gift this year. I didnt get her anything, though.
So there you go Thats this year in a nutshell. Can you figure out my gross income and complete page of Form through line b and Schedule for me And because youre a student, this is free, right? Thanks, I owe you one! Let me know if I can get you a sixpack of Roca Cola or something.
b Complete Schedule of Form
Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." Use tax rules regardless of year on the form.At any time during did you receive, sell, send, exchange, or otherwise acquire any financial interest in any
virtual currency?
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