Put T for Taxable Income or N for Nontaxable Income

question 82

Short Answer

Put T for Taxable income or N for Nontaxable income beside each item below as it normally would be treated for tax purposes.
-Child support received

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Definitions:

Equivalent Cash Value

The cash amount equivalent to the value of a non-cash item, often used in contexts like insurance settlements or lottery winnings.

Monthly Payment

The specific amount of money paid each month, typically in the context of loans or leases.

Compounded Semi-annually

The process of calculating interest on both the initial principal and the accumulated interest from previous periods, applied twice a year.

Amortization Period

Refers to the total time taken to pay off a debt in regular installments until the loan amount and interest are paid in full.