Use the following information to help Phoebe prepare her 2018 taxes Filing Status 2018 Standard Deduction Single $12,000 Married, Filing Jointly 24,000 Surviving Spouse 24,000 Head of Household 18,000 Married, Filing Separately 12,000 Phoebe, age 35, has come to you to prepare her 2018 tax return She has brought you the following documentation on both the income she has received in 2018 and the payments she has made in 2018 She is not sure if the income items are taxable or not taxable and she is unsure if any of her payments are deductible or not The one thing she does know is that her filing status is Head of Household Income received and payment made Received wages $ 90,000 Received lottery prize 5,600 Received life insurance proceeds 12,000 Loss on a stock investment (capital loss) 3,200 Made a charitable contribution to qualified organization 7,150 Made an IRA contribution 3,000 Received alimony from ex husband (divorced in 2015) 4,350 Received interest income from IBM bonds 1,600 Student loan interest paid 625 Received interest income on City of New Orleans bonds 1,750 Paid mortgage interest on personal residence 6,800 Received child support from ex husband 7,500 State income taxes withheld from pay 5,900 Number of personal dependency exemptions 3 On your separate sheet of paper complete items 1 5 (be sure to show all work and label everything ) List the income items and amounts from above that will be excluded from gross income on Phoebe's 1040 tax return Calculate the total amount of excluded income List the income items and amounts from above that will be included in gross income on Phoebe's 1040 tax return Calculate the total amount of included income ( Hint items cannot be both excluded and included in gross income ) Calculate Phoebe's AGI as reported on her 1040 tax return List the items and amounts from above that would be included in itemized deductions Calculate the total amount of itemized deductions Calculate Phoebe's taxable income as reported on her 1040 tax return

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Use the following information to help Phoebe prepare her 2018 taxes: Filing Status 2018 Standard Deduction Single $12,000 Married, Filing Jointly 24,000 Surviving Spouse 24,000

Use the following information to help Phoebe prepare her 2018 taxes:

Filing Status 2018 Standard Deduction

Single	$12,000
Married, Filing Jointly	24,000
Surviving Spouse	24,000
Head of Household	18,000
Married, Filing Separately	12,000

Phoebe, age 35, has come to you to prepare her 2018 tax return. She has brought you the following documentation on both the income she has received in 2018 and the payments she has made in 2018. She is not sure if the income items are taxable or not taxable and she is unsure if any of her payments are deductible or not. The one thing she does know is that her filing status is Head of Household!

Income received and payment made:

Received wages	$ 90,000
Received lottery prize	5,600
Received life insurance proceeds	12,000
Loss on a stock investment (capital loss)	3,200
Made a charitable contribution to qualified organization	7,150
Made an IRA contribution	3,000
Received alimony from ex-husband (divorced in 2015)	4,350
Received interest income from IBM bonds	1,600
Student loan interest paid	625
Received interest income on City of New Orleans bonds	1,750
Paid mortgage interest on personal residence	6,800
Received child support from ex-husband	7,500
State income taxes withheld from pay	5,900
Number of personal & dependency exemptions	3

On your separate sheet of paper complete items 1-5: (be sure to show all work and label everything!)

List the income items and amounts from above that will be excluded from gross income on Phoebe's 1040 tax return. Calculate the total amount of excluded income.
List the income items and amounts from above that will be included in gross income on Phoebe's 1040 tax return. Calculate the total amount of included income. (Hint: items cannot be both excluded and included in gross income!)
Calculate Phoebe's AGI as reported on her 1040 tax return.
List the items and amounts from above that would be included in itemized deductions. Calculate the total amount of itemized deductions.
Calculate Phoebe's taxable income as reported on her 1040 tax return.