Question
America Los Rios age 36 is a single taxpayer, living at 4700 Oak Drive, Sacramento, California 95841. Her social security number is 976 - 23
America Los Rios age 36 is a single taxpayer, living at 4700 Oak Drive, Sacramento, California 95841. Her social security number is 976 - 23 - 5132. America's earnings and income tax withholding as the manager of a local supermarket store for 2015 , Sacramento, California 95841. Her social security number is 976 - 23 - 5132. America's earnings and income tax withholding as the manager of a local supermarket store for 2015 are
Earnings...........69,000 Federal income tax withheld... 14,800 State income tax withheld.....2,300 America's other income includes qualifying dividends on American River Corporation stock of $4,400 and interest on a long-term certificate of deposit at Bank of Sacramento of $5,205 during the year America paid the following amounts all of which can be substantiated Home mortgage interest.... 10,600 Credit card interest....5500 Auto loan interest.....1700 Life insurance policy..... 750 Property tax on personal residence...1150 Blue Cross med expenses...650 Other medical expenses...790 Income tax prep fee....250 Charitable cash contributions. ...575
In her spare time, America trades stocks and bonds. During the year, she sold several stocks and received a Form 1099-B, which showed the following:
Stock Acquired Sold Price Basis
Red Co. 02/01/05 10/05/15 $5,500 $2,500
Green Co. 06/11/15 08/03/15 4,000 5,000
Blue Co. 12/12/14 09/22/15 6,200 5,000
White Co. 05/12/04 10/15/15 7,000 4,000
Black Co. 09/15/08 11/01/15 5,500 6,750
Required: Complete America's federal tax return for 2015. Use Form 1040, Schedule A, Schedule B, Schedule D, Form 8949, and the Qualified Dividends and Capital Gain Tax Worksheet to complete this tax return (she is not subject to Alternative Minimum Tax). Make realistic assumptions about any missing data.
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