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i need help answering the blank ( lined in blue) questions Kart I 111223333 Additional Income Taxable refunds, credits, or olfsets of state and local
i need help answering the blank ( lined in blue) questions
Kart I 111223333 Additional Income Taxable refunds, credits, or olfsets of state and local income taxes Alimony received Date of onginal diworce or separabion agreement (see instructions) Business income or (loss). Attach Schedule C Other gaint or (loss0s). Aftach form 4797 5 Rental real estate, royalties, partnerships, 8 corporations, trusts, ete. Altach Schedule E 6 Farm income or (loss), Attach Schedule F 7 Unemployment compensation Other income: Net aperating loss: Gambling Cancellation of debt Foreign earned income exclusion from Form 2555 income from Form 8953 Income from Form 8839 g Alaska Permanent Fund dividends Jury duty pay Prizes and awards Activity not engaged in for profit income Stock options Fotal other income. Add lines ba through bz 10 Combine lines 1 through 7 and D. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 \begin{tabular}{|c|r|} \hline 0 & 1,580 \\ \hline 10 & 27,550 \\ \hline \end{tabular} art II Adjustments to Income Educator expenses 12 Certah b 13 2106 Hoalth savings acoount deduction: Attach Form 8889 14 Moving expenses for members of the Amed Forces. Altach Form 3903 15 Deductiole part of telf-employment tax. Altach Schodule SE 16 Self-employed SEP. SIMPLE, and qualited plans 17 Self-employed heath insurance deduction 16 Ponalty on earfy withdrawal of savings 19a Alimony paid b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 20 IRA deduction 21 Student loan interest deduction 22 Reserved for future use 23 Archer MSA deduction 24 Other adjustments: a Jury duty pay (see instructions) : b Deductible expenses related to income reported on line 81 from the rental of personal property engaged in for profit Nontaxable amount of the value of Olympic and Paralympic \begin{tabular}{|l|l|} \hline 11 & \\ \hline 12 & \\ \hline 13 & \\ \hline 14 & \\ \hline 15 & \\ \hline 16 & \\ \hline 17 & \\ \hline 18 & \\ \hline 19a & \\ \hline & \\ \hline 20 & \\ \hline 21 & \\ \hline 22 & \\ \hline 23 & \\ \hline & \\ \hline \end{tabular} g Wages from Form 3919, line 6 h Cether eamed hoome (seet instructoone) i Nontaxable combat pay election (bee instructions) z Add lines ta through in 2a Tax-exempt interest 3a Qualifed dividende 4a IRA distributions Sa Pensions and annuties 6s Social securby benefits \begin{tabular}{|c|c|} \hline 2a & \\ \hline 3a & \\ \hline 4a & \\ \hline 5a & 31,000 \\ \hline 6a & \\ \hline \end{tabular} b Taxable interest. b Ordinary dividends. b Taxable amount b Taxable amount b Taxable amount c If you elect to use the lump-sum election method, chock here (roe instructions) 7 Capital gain or (loss). Attach Schedule D if required. If not required; check here 8 Ocher income from Schedule 1, fine 10 B Add lines 12, 20, 3b, 4b, 5b, 6b, 7, and 8. This is your total income 10 Adjustments to income from Schedule 1 , ine 26 11 Subtract ine 10 from line 9 . This is your adjusted gross income 12 Standard deduction or itemized deductions (from Schedule A) 13 Oualified business income deduction from Form 8995 or Form 8995A 14 Add lines 12 and 13 15 Subtract line 14 from line 11. If zero or less, enter -0 -, This is your taxable income acy Act, and Paperwork Reduction Act Notice, see separate instructions. \begin{tabular}{|l|l|} \hline 19 & \\ \hline 16 & \\ \hline 12 & \\ \hline 2b & \\ \hline 3b & \\ \hline 4b & \\ \hline 5b & \\ \hline 6b & \\ \hline & \\ \hline 7 & \\ \hline 8 & \\ \hline 9 & \\ \hline 10 & \\ \hline 11 & \\ \hline 12 & \\ \hline 13 & \\ \hline 14 & \\ \hline \end{tabular} Cot No. 11320B Form 1040 (2022) 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. a. Ken won $1,300 in an illegal game of poker (the game was played in Utah, where gambling is illegal). b. Ken sold 1,100 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 $26,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years, for $218,400. d. Ken received $13,250 in disability benefits for the year. He purchased the disability insurance policy last year. e. Ken decided to go back to school to learn about European history. He received a $600 cash scholarship to attend. He used $350 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 $1,250. 9. Ken received a $660 refund of the $3,700 in state income taxes his employer withheld from his pay last year. Ken claimed $13,100 in itemized deductions last year (the standard deduction for a single filer was $12,950). h. Ken recelved $31,000 of interest from corporate bonds and money market accounts Step by Step Solution
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