Enrolled Agent Exam [Part 1] 19, Unemployment Compensation and Other Income

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Unemployment compensation is always 100% taxable on a federal return, with no exceptions or income thresholds. • Gambling winnings are fully taxable income, and losses are only deductible up to the amount of winnings as an itemized deduction on Schedule A. • Prizes and awards, whether received as cash or property, must be included in gross income at their full fair market value. • Hobby income is fully reportable, but related expenses are not deductible, meaning a hobby cannot generate a taxable loss. • Jury duty pay is taxable, but if an employer requires an employee to turn it over, that amount can be deducted as an adjustment to income. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep