Carlos, age 19, is a full-time graduate student at City University. During 2024, he received the following payments: Cash award for being the outstanding resident adviser $ 1,500 Resident adviser housing 2,500 State scholarship for ten months (tuition and books) 6,000 State scholarship (meals allowance) 2,400 Loan from college financial aid office 3,000 Cash support from parents 2,000 $17,400 Carlos served as a resident adviser in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied. What is Carlos's adjusted gross income for 2024? • a. $15,400. Ob. $9,000. • c. $1,500. O d. $3,900. Previous
To determine Carlos's adjusted gross income (AGI) for 2024, we need to identify which of the payments he received are taxable: 1. **Cash award for being the outstanding resident adviser ($1,500)**: This is taxable income. 2. **Resident adviser housing ($2,500)**: The value of housing provided to a resident adviser is generally not taxable if it is provided for the convenience of the university and is a condition of employment. Therefore, this amount is not included in AGI. 3. **State scholarship for tuition and books ($6,000)**: This is not taxable because it is used for qualified education expenses. 4. **State scholarship for meals allowance ($2,400)**: This is taxable because it is not used for qualified education expenses. 5. **Loan from college financial aid office ($3,000)**: Loans are not considered income because they must be repaid, so this amount is not included in AGI. 6. **Cash support from parents ($2,000)**: Gifts or support from parents are not considered taxable income. Adding the taxable amounts: - Cash award: $1,500 - Meals allowance: $2,400 Total taxable income = $1,500 + $2,400 = $3,900 Therefore, Carlos's adjusted gross income for 2024 is **d. $3,900**.
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