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True/False 1. The simplified method is used only for annuity distributions from qualified retirement plans. 2. Total gambling winnings must be included in gross income
True/False
1. The simplified method is used only for annuity distributions from qualified retirement plans.
2. Total gambling winnings must be included in gross income and gambling losses (up to the amount of current year's winnings) are allowable as an itemized deduction.
3. Unemployment compensation is taxable.
4. Income from illegal activities is not taxable.
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