Question

In: Accounting

Luci had the following transaction this year. She received $100,000 from life insurance proceeds from the...

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?

Solutions

Expert Solution

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.


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