Homework Answers
Taxable Income
Salary. $44000
Dividends $600
Lottery prize $2000
Share of partnership $0
Gross Total Income $46600
Standard deduction $12200
Taxable Income $34400
Share of partnership is exempt in the hands of partner as tax on such income is already paid by partnership firm.
Cost of lottery tickets is not allowed as direct deduction. It can be taken as itemized deduction but then standard deduction cannot be claimed which would be higher in this case.
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