Compute the amount of her taxable income for 2018

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Question

Anne is a single taxpayer that uses the standard deduction. Her W-2, Box 1 income from her new job was $70,000 and she earned $400 interest income from her bank savings account. During the course of the year, she contributed $800 via payroll withholdings to her HSA account and $2200 to her company's retirement plan. Before she started her new job, she received $1800 in unemployment compensation. Her parents helped her with living expenses while she was unemployed - they paid her rent for two months, which totaled $1900. During the year, she sold Apple stock for $5000 that she had purchased 5 years previously for $1000. Compute the amount of her taxable income for 2018.

Reference no: EM132404680

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