Read through the following items and determine what the taxable income is. For any amount that is not taxable or tax deductible explain why it is not. Enter your answers in the shaded boxes. Examples follow:	Taxable Income	FOR AGI Deductions	FROM AGI Deductions	Explanation for anything excluded
	Example: Jesse earned $100 of savings account interest and $500 from child support.	$ 100			$500 child support is excluded from income
	Example: Jesse had $100 of credit card interest and $1,000 of mortgage interest			$ (1,000)	$100 credit card interest is not deductible
	Example: Jessie had $3,000 of Schedule C business expenses and $1,500 of hobby expenses		$ (3,000)		Hobby expenses are not deductible
	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). Its been a busy year and Im 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
h.	Another bit of bad luck. My uncle Monty died this year. I really liked the guy, but the $500,000 inheritance I received from him made me feel a little better about the loss. I did the smart thing with the money and invested it in stocks and bonds and socked a little into my savings account. As a result, I received $1,537 in dividends from the stock, $726 in interest from the municipal bonds, and $629 in interest from my savings account. Speaking of stock, I had bought some Orange Inc. stock for $16,000 back in 2016 when they were supposed to be the big challenge to Apple - but it fizzled and I sold the stock this year for $2,000. I can write that off, right?