Question: 8 . In 2 0 2 3 , Emily won $ 1 6 , 0 0 0 in a state lottery and spent $ 8

8. In 2023, Emily won $16,000 in a state lottery and spent $800 on lottery tickets. Emily took the
standard deduction on her 2023 income tax return. The amount of lottery winnings included in
Emilys 2023 gross income is
a. $0
b. $4,000
c. $15,200
d. $16,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!