Read through the following items and determine what the taxable income is. For any amount that is not taxable or tax deductible explain why it is not. Enter your answers in the shaded boxes. Examples follow: Example: Jesse earned $100 of savings account interest and $500 from child support. Example: Jesse had $100 of credit card interest and $1,000 of mortgage interest Example: Jessie had $3,000 of Schedule C business expenses and $1,500 of hobby expenses To my friendly student tax preparer: Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income for the year ... whatever that means (USE 2021 RULES). It's been a busy year and I'm a busy man, so let me give you the lowdown on my life and you can do your thing. Taxable Income FOR AGI Deductions FROM AGI Deductions $ 100 (1,000) $ (3,000) Explanation for anything excluded $500 child support is excluded from income $100 credit card interest is not deductible Hobby expenses are not deductible Taxable Income (Positive numbers) numbers) FOR AGI FROM AGI Deductions Deductions (Negative (Negative numbers) Explanation for anything excluded . j. k. I. My ex-wife, Alice, is still paying me alimony. She's a lawyer who divorced me in 2015 because I was "unethical" or something like that. Because she was making so much money and I was unemployed at the time, the judge ruled that she had to pay ME alimony. Isn't that something? She sent me $5,500 in alimony payments this year. She still kind of likes me, though. She sent me a check for $625 as a Christmas gift this year. I didn't get her anything, though. My OTHER ex-wife, Gloria, had a better lawyer. We were divorced in late 2019 and I paid her $2,400 in child support and $3,600 in alimony!! I'm using her lawyer next time! I had to move this year after getting my job at Roca Cola. I moved on February 3 of this year, and I worked my job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost us $65 (I love Super 8!). Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $900 in interest on my old student loans this year. Since Roca Coca (my employer) never started a retirement plan, I decided I should probably start saving for my golden years. I contributed $3,000 to what the bank referred to as a regular IRA. Oh yeah. I also did a little investing this year. I bought a limited partnership interest in Duds Ltd. for $10,000. I thought it was going to be a real winner, but this year they took a bath. My portion of the loss was $8,000. Well, at least I did not actually do any work for Duds, and I get the tax deduction-right