Question 5 (1 point)

Mr. and Mrs. Grayson, both over age 65, elect joint return status. They must file a return for 2020 if their combined gross income equals or exceeds

Question 5 options:

a)

$27,400

b)

$26,100

c)

$1

d)

$24,800

Question 6 (1 point)

Which payment(s) is (are) included in a recipient's gross income?

1. Payment to a graduate assistant for a part-time teaching assignment at a university. Teaching is not a requirement toward obtaining the degree.

2. A grant to a Ph.D. candidate for her participation in a university-sponsored research project for the benefit of the university.

Question 6 options:

a)

1. only

b)	Both 1. and 2.

c)

2. only

d)	Neither 1. nor 2.

Question 7 (1 point)

Terell has gambling losses totaling $7,000 during the current year. Terell's adjusted gross income is $60,000, including $3,000 in gambling winnings. Terell can itemize the deductions. What amount of gambling losses is deductible?

Question 7 options:

a)

$5,800

b)

$7,000

c)

$0

d)

$3,000