Davy, age 19, is a full-time student at OSU and a candidate for a bachelor’s degree. He received the following payments (Shown below). What is Davy’s AGI? State scholarship for twn months (used for tuition) $2400 Loan from Financial aid office $1000 cash from parents $2000 cash dividents on qualified investments $500 cash prize awarded in contest $300
To calculate Davy's Adjusted Gross Income (AGI), we need to consider which of the payments he received are taxable. 1. State scholarship for tuition: Scholarships that are used for qualified tuition and related expenses are not taxable. Therefore, the $2,400 scholarship would not be included in Davy's AGI. 2. Loan from Financial aid office: Loans are not considered income because they have to be repaid. The $1,000 loan will not be included in Davy's AGI. 3. Cash from parents: Generally, gifts from parents are not considered taxable income. The $2,000 from Davy's parents is a gift and not included in his AGI. 4. Cash dividends on qualified investments: Dividends are considered taxable income. The $500 in cash dividends will be included in Davy's AGI. 5. Cash prize awarded in contest: Prizes and awards are generally considered taxable income. The $300 cash prize will be included in Davy's AGI. Adding the taxable amounts together, Davy's AGI would be: $500 (dividends) + $300 (prize) = $800 Davy's AGI would be $800.
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