In: Accounting
Luci had the following transaction this year. She received $100,000 from life insurance proceeds from the death of her great aunt. She recieved $20,000 in workman's compensation and $30,000 from unemploymet benefits. She also recieved $35,000 of reimbursements for medical expenses she paid from her health insurance that was provided by her employer. She recieved $500 of alimony payments and won a free shopping spree at Albertsons valued at $350. How much taxable income did Luci have in 2019?
Particulars | Amount | Amount |
Gross income: | ||
Compensation | $ - | |
Unemployment benefits | $ 30,000 | |
Alimony | $ 500 | |
Winnings | $ 350 | |
Gross income | $ 30,850 | |
For AGI deductions | $ - | |
Adjusted gross income | $ 30,850 | |
Less: | ||
Standard deduction | $ 12,200 | |
Itemized deduction | $ - | |
Higher of the two | $ 12,200 | |
Taxable income | $ 18,650 |
Answer is:
18,650
please rate.