not taxable or tax Taxable income FOR AGI Deductions FROM AGI Deductions Explanation for anything excluded Read through the following items and determine what the taxable income is. For any amount that deductible explain why it is not. Enter your answers in the shaded boxes. Examples follow: Example: Jesse earned $100 of savings account interest and $500 from child support. Example: Jesse had $100 of credit card interest and $1,000 of mortgage interest Example: Jessie had $3,000 of Schedule C business expenses and $1,500 of hobby expenses 100 $ (1,000) $500 child support is excluded from income $100 credit card interest is not deductible Hobby expenses are not deductible $ (3,000) 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 (USE 2020 RULES and assume Shady files as a single person). It's been a busy year and I'm a busy man, so let me give you the lowdown on my life and you can do your thing. Taxable income FOR AGI Deductions FROM AGI Deductions Explanation for anything excluded 0. I also paid $12,000 in real estate taxes and have receipts showing I paid $4,100 in sales tax this year. I also licensed my new Corvette and that cost me personal property taxes of $4,500 - what a rip off! $ S $ 16,100 not taxable or tax Taxable income FOR AGI Deductions FROM AGI Deductions Explanation for anything excluded Read through the following items and determine what the taxable income is. For any amount that deductible explain why it is not. Enter your answers in the shaded boxes. Examples follow: Example: Jesse earned $100 of savings account interest and $500 from child support. Example: Jesse had $100 of credit card interest and $1,000 of mortgage interest Example: Jessie had $3,000 of Schedule C business expenses and $1,500 of hobby expenses 100 $ (1,000) $500 child support is excluded from income $100 credit card interest is not deductible Hobby expenses are not deductible $ (3,000) 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 (USE 2020 RULES and assume Shady files as a single person). It's been a busy year and I'm a busy man, so let me give you the lowdown on my life and you can do your thing. Taxable income FOR AGI Deductions FROM AGI Deductions Explanation for anything excluded 0. I also paid $12,000 in real estate taxes and have receipts showing I paid $4,100 in sales tax this year. I also licensed my new Corvette and that cost me personal property taxes of $4,500 - what a rip off! $ S $ 16,100