Homework Answers
Gift from uncle : Gifts are not taxable
Child support : Not taxable
Workers Compensation : Not taxable
Short term capital loss : Upto $3000 can be deducted against ordinary income in current year
Alimony : Not taxable if the divorce agreement is signed after Dec 31 ,2018
Ans: Assuming the divorce agreement is executed before Dec 31, ,2018
- Qualified dividend : $ 1,000
- Lottery Winnings : $ 12,000
- Unemployment Comp : $ 10,000
- Alimony received : $ 7,500
- Salary : $ 40,000
- Short term Cap loss : ( $3,000)
- Adjusted gross inc. : $67,500
If on the other hand we assume the divorce agreement is executed after Dec 31 ,2018 , then the alimony received will not be included in the income and the adjusted gross income will be $ 60,000
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