Question
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.
Maribel Gomez is a single taxpayer, SSN 412-34-5670, living at 5037 Circle Court, Crestview, IL 60543. Maribel is a supervisor and whose 2022 W-2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. Maribel has $14,500 of federal withholding and $2,595 in state withholding, does not itemize and had the following stock transactions for the year:
Stock Shares | Date Purchased | Date Sold | Sale Price | Cost Basis |
5,500 | 7/8/2021 | 9/12/2022 | $ 15,000 | $ 18,000 |
800 | 3/12/2022 | 10/21/2022 | 43,000 | 47,000 |
2,800 | 2/13/2015 | 10/21/2022 | 30,000 | 22,000 |
Maribel also has interest from a savings account with Local Neighborhood Bank of $210 and a dividend from a Form 1099-DIV of $1,732 in ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends.
Required:
Prepare a 2022 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. Maribel had qualifying health care coverage at all times during the tax year. Use the appropriate Tax Tables and Tax Rate Schedules.
Note: Instructions can be found on certain cells within the forms. Input all the values as positive numbers. Round your final answers to nearest whole dollar.
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