Jack and Jill ages 45 and 47 are employed and their combined wages for 2020 is $70,000. Jill is enrolled at Duke Master of Accounting program and because of her previous accounting work experience and undergraduate business degree, she was appointed as a assistant for ACCT 121. In addition, to a monthly salary of $450, she receives a waiver of $4,500 of her tuition for the semester. Jill also paid $250 of interest during the year on student loans still outstanding from her undergraduate education.

Jack and Jill received a wedding gift of $10,000 from her grandfather and the couple earned $250 of interest on a savings account they opened with the money. Jack sold stock for $1,000 that was purchased two years ago for $5,000.

Jack was crossing a street when a delivery van struck him on his leg and he missed work for a month. Jacks brother set up a GoFundMe page to raise money and raised $12,500, which they used for medical expenses, rent and Jills tuition. Jack won his lawsuit and received compensatory damages of $220,000 and 160,000 of punitive damages.

This is Jacks second marriage, and he pays alimony to his ex-wife (divorced in 2016).

What are Jack and Jills tax implications of the transactions noted above?