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.

Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412-34-5670 (date of birth 3/15/1981).

Her W-2 contained the following information: Wages (box 1) =$ 48,965.25

Federal W/H (box 2) =$ 5,024.38

Social security wages (box 3) =$ 48,965.25

Social security W/H (box 4) =$ 3,035.85

Medicare wages (box 5) =$ 48,965.25

Medicare W/H (box 6) =$ 710.00

She has gambling winnings of $1,050 and the following expenses:

State income taxes $ 3,200
Real estate property taxes 1,150
Medical expenses 6,400
Charitable cash contributions (no single contribution was more than $250) 450
Mortgage interest expense 5,605
Personal property taxes 720
Gambling losses 1,235

Required:

Prepare a Form 1040 with a Schedule 1 and Schedule A for Elise using any appropriate worksheets. Use the appropriate Tax Tables.

Note: Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within the forms.

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

Managerial Accounting

Authors: Ray Garrison

12th Edition

B002ODFC0E

More Books

Students also viewed these Accounting questions