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 $30,000 salary from her employer who withheld $4,200 federal income tax.
2. Received a gift 1,000 shares of Ace Cooperation stock with $100,000 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 $13,000 alimony from her ex-husband. They devoiced on August 1, 2014
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 $10,000
Complete Form 1040 and accompanying schedules for Alice Johnson's 2019 return
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