Question

Jasmine (29) is filing as a single taxpayer. In 2019, she received income from the following sources:

$36,000 in wages.
Unemployment income of $4,320.
$500 in gambling winnings from a winning lottery ticket.
Jasmine also paid $2,100 in eligible student loan interest during the year. She will claim the standard deduction.
Use Schedule 1 (Form 1040), Additional Income and Adjustments to Income.

Answer 1

$38,720

Step-by-step explanation:

From the given information:

Using Schedule 1 (Form 1040), Additional Income & Adjustment to Income.

The taxable income can be determined as follows:

Particulars Form Amount($)

Wages (Form 1040, Line 1) 36,000

Add: Unemployed Income Schedule 1, Line 7 4,320

Add: Gambling winning Schedule 1, Line 8 500

Total Income $40,820

Less: Student loan Interest Schedule 1, Line 20 2,100

Taxable income $38,720