Jessie, a married taxpayer using the married filing jointly…

Jessie, a married taxpayer using the married filing jointly filing status, received $24,000 of Social Security retirement benefits in 2023. Jessie also received $5,000 of interest income and $75,000 of income from her retirement plan during the year. How much of Jessie’s Social Security benefits must be included in her gross income? 

Carlos recently won a $20,000 prize for outstanding achievem…

Carlos recently won a $20,000 prize for outstanding achievement in his field. Carlos has requested that the prize money be paid directly to his favorite qualified charity. Which of the following requirements must be met in order to exclude the prize money from Carlos’s gross income?

If deductions are itemized, which of the following statement…

If deductions are itemized, which of the following statements is true for tax year 2023:I. A taxpayer may deduct interest expense to create taxable and nontaxable investment income.II. A taxpayer may deduct the full amount of both state income taxes and state sales taxes.III. A taxpayer may deduct both interest and points paid on a $750,000 mortgage.