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.

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 57P
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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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