Ron,age 19,is a full-time graduate student at City University.During 2014,he received the following payments: Ron served as a resident advisor in a dormitory and,therefore,the university waived the $2,500 charge for the room he occupied.What is Ron's adjusted gross income for 2014?

Question

Ron,age 19,is a full-time graduate student at City University.During 2014,he received the following payments:  Ron served as a resident advisor in a dormitory and,therefore,the university waived the $2,500 charge for the room he occupied.What is Ron's adjusted gross income for 2014?

Quizplus · Accepted Answer

The $1,500 award for being the outstanding resident adviser is included in Ron's gross income.The $2,400 meal allowance must also be included in Ron's gross income.The $2,500 waiver for housing is not included in Ron's gross income because the housing is provided for the convenience of his employer.The $6,000 scholarship for tuition and books is excluded from his gross income.The loan of $3,000 is not income.

Ron,age 19,is a Full-Time Graduate Student at City University