Question

14) Roger, age 19, received the following payments:
$ 3,600 State scholarship for ten months (tuition and books).

$1,500 Loan from college financial aid office
$3,000 Cash support from parents
$1,700 Interest on NYC bond
$600 Interest on T Bill.
$1,100 Cash prize awarded in contest
$500 state refund

What is Rogers adjusted gross income?

Answer 1

Particulars		Adjusted Gross income
State scholarship for ten months	Exempt from Tax	$ 0
Loan from college financial aid office	Exempt from Tax	$ 0
Cash support from parents	Exempt from Tax	$ 0
Scholarship paid for Meals	Exempt from Tax	$ 0
Interest on NYC bond	Taxable	$ 1,700
Interest on T Bill	Exempt from Tax	$ 0
Cash prize awarded in contest	Taxable	$ 1,100
state refund	Taxable	$ 500
Rogers Adjusted Gross income		$ 3,300