FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources:

  • $39,000 in wages.
  • Alimony payments totaling $14,328. Her divorce was finalized in October 2019.
  • Unemployment compensation of $6,200.

Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.

She had no other income or adjustments, and she will claim the standard deduction.

To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.

Part I Additional Income

1 Taxable refunds, credits, or offsets of state and local income taxes. ________
2a Alimony received. _________
2b Date of original divorce or separation agreement (see instructions). _________
3 Business income or (loss). Attach Schedule C. _________
4 Other gains or (losses). Attach Form 4797. ________
5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E. ________
6 Farm income or (loss). Attach Schedule F. ______
7 Unemployment compensation. _________
8 Other income. List type and amount. _________
9 Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8. _________

 



Question 7 of 50.



What amount should Jasmine report for other income? Her partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this question.

 
 $0
 $6,200
 $14,328
 $20,528
 
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Question 8 of 50.



What is Jasmine's adjusted gross income? Her partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this question.

 
 $37,000
 $39,000
 $43,200
 $57,528
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