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:	Taxable Income	FOR AGI Deductions	FROM AGI Deductions	Explanation for anything excluded
	Example: Jesse earned $100 of savings account interest and $500 from child support.	$ 100			$500 child support is excluded from income
	Example: Jesse had $100 of credit card interest and $1,000 of mortgage interest			$ (1,000)	$100 credit card interest is not deductible
	Example: Jessie had $3,000 of Schedule C business expenses and $1,500 of hobby expenses		$ (3,000)		Hobby expenses are not deductible
	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 2020 RULES and assume Shady files as a single person). 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	Explanation for anything excluded
j.	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!).

Answer rating: 100% (QA)

Taxable Income FOR AGI Deductions FROM AGI Deductions Explanation for anything excluded j I had ... View the full answer