David was employed as a delivery person for a local pizza restaurant and received a...

80.2K

Verified Solution

Question

Accounting

David was employed as a delivery person for a local pizza restaurant and received a W-2 from his employer (see separate tab. Wages ( form w-2 ) : $ 23,700)

David's only other source of income during the year was a prize he won appearing on a game show. The game show sent David home with a Form 1099-MISC (see separate tab : other income : $10,000)

He has no other adjustments to income or deductible expenses except for a single cash payment of $500 to a charity after winning big at the game show and a $1,200 EIP received in 2020. Unfortunately, David's employer did not provide health care to its employees but David signed up for coverage through his state's health care exchange. Click here to access the Form 1095-A the exchange sent him.

Please help

Calculate 1) Adjust Gross Income: AGI ?

2) Charitable contributions if you take the standard deduction ?

3) Advance payment of the premium tax credit

Notes: Annual premium for the designated silver plan in the state: $ 4,092

Federal Poverty Line for a family of one : $ 12,490

2020 applicable figure table

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students