Question 50 (1 point) Listen Paula makes quilts as a hobby and sells them. In the current year, she earns $5,000 from her quilt sales and incurs expenses of $1,600. Paula does not itemize deductions. On her tax return, she should report no hobby income and no hobby deductions. bo O report $5,000 of hobby income and deduct $1,600 of hobby expenses for AGI. report $5,000 of hobby income and deduct nothing from AGI. O report $5,000 of hobby income and deduct $800 of hobby expenses from AGI