Question

Jasmine (29) is filing as a single taxpayer. In 2019, she received income from the following sources:
$36,000 in wages.
Unemployment income of $4,320.
$500 in gambling winnings from a winning lottery ticket.
Jasmine also paid $2,100 in eligible student loan interest during the year. She will claim the standard deduction.
Use Schedule 1 (Form 1040), Additional Income and Adjustments to Income.

Answer 1

Answer:

$38,720

Explanation:

From the given information:

Using Schedule 1 (Form 1040), Additional Income & Adjustment to Income.

The taxable income can be determined as follows:

Particulars                                         Form                         Amount($)

Wages                                      (Form 1040, Line 1)           36,000

Add: Unemployed Income    Schedule 1, Line 7                4,320

Add: Gambling winning         Schedule 1, Line 8                   500

Total Income                                                                    $40,820

Less: Student loan Interest   Schedule 1, Line 20              2,100

Taxable income                                                               $38,720