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In each independent item below, assume that a single taxpayer earned $30,000 in W-2 income. Show the appropriate amount that should appear under each heading.
In each independent item below, assume that a single taxpayer earned $30,000 in W-2 income. Show the appropriate amount that should appear under each heading. More than one option may be selected | |||||||||
Item | Amount | Include in Gross Income | Exclude form Gross Income | Deduction for AGI | Deduction from AGI | Appears on Schedule A | Appears on Schedule B | Appears on Schedule D | |
Interest from Savings Account | $60 | ||||||||
Dividends from stock investment | $500 | ||||||||
Bad Debt from an Unpaid Loan | $6,000 | ||||||||
Donation of automobile to charity | $600 | ||||||||
Cash donation to church | $500 | ||||||||
Cash donation to charity | $3,000 | ||||||||
Student loan interest | $1,200 | ||||||||
Alimony | $12,000 | ||||||||
Loss on the sale of stock purchased 5 years ago | $900 | ||||||||
Gain of the sale of stock purchased 6 years ago | $1,200 | ||||||||
Traditional IRA contributions | $4,500 | ||||||||
Net loss on real estate rental properties | $6,000 | ||||||||
Home business (sole proprietorship) profit | $12,000 | ||||||||
Moving expenses | $2,500 | ||||||||
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