Question
Alice Johnson, Social Security Number 222-23-3334 is a single taxpayer and is employed as a secretary by the state of the University of Florida. She
Alice Johnson, Social Security Number 222-23-3334 is a single taxpayer and is employed as a secretary by the state of the University of Florida. She has the following items pertaining to her income tax return for the year.
1. Received $20,000 salary from her employer who withheld $3,000 federal income tax.
2. Received a gift 1,000 shares of Ace Cooperation stock with $100, FMV from her mother. She also received $4,000 of cash dividends from Ace Corporation. The dividends are qualified dividends.
3.Received $1,000 of interest income on bonds issued by the city of Tampa.
4. Received a regular stock divided (nontaxable under sec. 305) of 50 shares of Ace Corporation stock with a $5,000 FMV.
5. Alice employer paid $2,000 of medical and health insurance premiums on her behalf.
6. Received $12,000 alimony from her ex-husband.
7. State University provided $60,000 of group term life insurance. Alice is 42 years old and is not a key employee. The table is in the text is applicable.
8. Received a $1,000 cash award from her employer for being designated the Secretary of the year.
9. Total itemized deductions are $8,000
Complete Form 1040 and accompanying schedules for Alice Johnson's 2013 return
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started