Consider the following letter and answer Shadys question.

To my friendly student tax preparer:

Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income for the year . . . whatever that means. Its been a busy year and Im a busy man, so let me give you the lowdown on my life and you can do your thing.

I was unemployed at the beginning of the year and got $2,000 in unemployment compensation. I later got a job as a manager for Roca Cola. I earned $57,750 in base salary this year. My boss gave me a $6,100 Christmas bonus check on December 22. I decided to hold on to that check and not cash it until next year, so I wont have to pay taxes on it this year. Pretty smart, huh? My jobs pretty cool. I get a lot of fringe benefits like a membership to the gym that costs $455 a year and all the Roca Cola I can drink, although I cant really drink a whole lotI figure $40 worth this year.

As part of my manager duties, I get to decide on certain things like contracts for the company. My good buddy, Eddie, runs a bottling company. I made sure that he won the bottling contract for Roca Cola for this year (even though his contract wasnt quite the best). Eddie bought me a Corvette this year for being such a good friend. The Corvette cost $61,000, and Im sure he bought it for me out of the goodness of his heart. What a great guy!

Heres a bit of good luck for the year. Upon leaving my office one day, I found $8,550 lying in the street! Well, one persons bad luck is my good luck, right?

I like to gamble a lot. I won a $28,650 poker tournament in Las Vegas this year. I also won about $5,220 over the year playing the guys at our Friday night poker game. Can you believe that I didnt lose anything this year?

Speaking of the guys, one of them hit me with his car as we were leaving the game one night. He must have been pretty ticked that he lost! I broke my right leg and my left arm. I sued the guy and got $13,200 for my medical expenses and $3,550 to pay my psychotherapist for the emotional problems I had relating to the injuries (I got really depressed!), and I won $13,100 in punitive damages. Thatll teach him that hes not so tough without his car!

Another bit of bad luck. My uncle Monty died this year. I really liked the guy, but the $255,000 inheritance I received from him made me feel a little better about the loss. I did the smart thing with the money and invested it in stocks and bonds and socked a little into my savings account. As a result, I received $655 in dividends from the stock, $255 in interest from the municipal bonds, and $355 in interest from my savings account.

My ex-wife, Alice, is still paying me alimony. Shes a lawyer who divorced me in 2015 because I was unethical or something like that. Because she was making so much money and I was unemployed at the time, the judge ruled that she had to pay ME alimony. Isnt that something? She sent me $4,100 in alimony payments this year. She still kind of likes me, though. She sent me a check for $555 as a Christmas gift this year. I didnt get her anything, though.

So there you go. Thats this year in a nutshell. Can you figure out my gross income and complete page 1 of Form 1040 (through line 7b) and Schedule 1 for me? And because youre a student, this is free, right? Thanks, I owe you one! Let me know if I can get you a six-pack of Roca Cola or something.

b-1. Complete page 1 of Form 1040 (through line 8b).

Download the Tax Form and enter the required values in the appropriate fields. Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2020 tax rules regardless of year on the form.)