Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. MaribelGomez is a single taxpayer. Maribel's SSN is 412-34-5670, and lives at 5037 Circle Court, Crestview, IL 60543. Maribel is a supervisor and whose 2021 W2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. Maribel Maribel has $14,500 of federal withholding and $2,595 in state withholding. Maribel does not itemize. Maribel had the following stock transactions for the year: Stock SharesDate PurchasedDate SoldSale PriceCost Basis 5,500 7/8/20209/12/2021$15,000 $18,000 800 3/12/202110/21/202143,000 47,000 2,800 2/13/201410/21/202130,000 22,000 Maribel also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends. Required: Prepare a 2021 Form 1040 for Maribel and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. Use the appropriateTax TablesandTax Rate Schedules.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Murder Audit

Authors: Michelle Cornish

1st Edition

1775083624, 978-1775083627

More Books

Students also viewed these Accounting questions

Question

Ensure continued excellence in people management.

Answered: 1 week ago

Question

Enhance the international team by recruiting the best people.

Answered: 1 week ago