23. For tax year 2023 you and your spouse are both 42 years old and are filing as married filing jointly with a 19-year-old dependent and the first year of college you have a W2 income as well as capital gain you also claim education expense as well as medical and charitable deduction your total medical expenses $12,000 and charitable contributions are $5,000 W2 income is $83,500 and capital gains are $15,000 all long term you received a 1098-T form for dependent educational institution which list scholarship of $18,000 and qualify expensive $10,000 is the following statement correct about the scenario. A. You're dependent must report the $8,000 access scholarship income as under income on their individual 1040.
23. For tax year 2023 you and your spouse are both 42 years old and are filing as married filing jointly with a 19-year-old dependent and the first year of college you have a W2 income as well as capital gain you also claim education expense as well as medical and charitable deduction your total medical expenses $12,000 and charitable contributions are $5,000 W2 income is $83,500 and capital gains are $15,000 all long term you received a 1098-T form for dependent educational institution which list scholarship of $18,000 and qualify expensive $10,000 is the following statement correct about the scenario. A. You're dependent must report the $8,000 access scholarship income as under income on their individual 1040.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 57P
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Question
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23. For tax year 2023 you and your spouse are both 42 years old and are filing as married filing jointly with a 19-year-old dependent and the first year of college you have a W2 income as well as capital gain you also claim education expense as well as medical and charitable deduction your total medical expenses $12,000 and charitable contributions are $5,000 W2 income is $83,500 and capital gains are $15,000 all long term you received a 1098-T form for dependent educational institution which list scholarship of $18,000 and qualify expensive $10,000 is the following statement correct about the scenario.
A. You're dependent must report the $8,000 access scholarship income as under income on their individual 1040.
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