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 is not taxable or tax 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 m. I contributed a lot of money to charity this year (and have receipt documentation for all contributions). I'm such a nice guy! gave $1,000 in cash to the March of Dimes. I contributed some of my old furniture to the church. It was some good stuff! I contributed a red velvet couch and my old recliner. The furniture is considered vintage and is worth $5,000 today (the appraiser surprised me!), even though I only paid $800 for it back in the day. When I contributed the furniture, the pastor said he didn't like the fabric and was going to sell the furniture to pay for some more pews in the church. Oh well, some people just have no taste, right? Roca Cola had a charity drive for the United Way this year and I contributed $120. Turns out, I don't even miss it because Roca Cola takes it right off my paycheck every month... $20 a month starting in July. Oh, one other bit of charity from me this year. An old buddy of mine was down on his luck. He lost his job and his house. I gave him $500 to help him out. 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 is not taxable or tax 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 m. I contributed a lot of money to charity this year (and have receipt documentation for all contributions). I'm such a nice guy! gave $1,000 in cash to the March of Dimes. I contributed some of my old furniture to the church. It was some good stuff! I contributed a red velvet couch and my old recliner. The furniture is considered vintage and is worth $5,000 today (the appraiser surprised me!), even though I only paid $800 for it back in the day. When I contributed the furniture, the pastor said he didn't like the fabric and was going to sell the furniture to pay for some more pews in the church. Oh well, some people just have no taste, right? Roca Cola had a charity drive for the United Way this year and I contributed $120. Turns out, I don't even miss it because Roca Cola takes it right off my paycheck every month... $20 a month starting in July. Oh, one other bit of charity from me this year. An old buddy of mine was down on his luck. He lost his job and his house. I gave him $500 to help him out