Question
Need help calculating gross income in the following scenario: Magdalenas W-2s for the year reported the following: Magdalena also received the following during the year:
Need help calculating gross income in the following scenario:
Magdalenas W-2s for the year reported the following:
Magdalena also received the following during the year: Life Insurance Payment-Mutual Life (Mothers passing) $150,000 Cash gift from her father $ 5,000 Interest income-First Bank of Bedford $ 310 Interest income-General Electric Bond $ 3,200 Interest income-Bedford School District Municipal Bond $ 2,500 Interest income-Johnstown Rural Improvement District Bond $ 1,300 PA state income tax refund* $ 325 *Refund was from state tax she paid last year. Magdalena deducted all of her state taxes as itemized deductions, and received full tax benefit for the deductions, on her prior year federal tax return. Magdalena did not own, control or manage any foreign bank accounts, nor was she a grantor or beneficiary of a foreign trust during the tax year. Magdalena paid or incurred the following expenses during the year: Dentist (unreimbursed by insurance) $1,500 Doctors (unreimbursed by insurance) $ 475 Prescriptions (unreimbursed by insurance) $ 255 Real property taxes on residence $ 950 Vehicle registration fee based upon age of vehicle $ 175 Mortgage interest on principal residence (Form 1098 received) $6,845 Contribution to the American Lung Association $ 600 Contribution to the Habitat for Humanity $1,000 Contribution to Methodist Church of PA $3,000 Contribution to Penn State University $ 400
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