Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2018. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea's Social

Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2018. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea's Social Security number is 466-78-7359 and she is single. Her earnings and income tax withholding for 2019 for her job as a manager at a Florida shrimp-processing plant are:

Earnings from the Gulf Shrimp Co. $44,000
Federal income tax withheld 4,600
State income tax withheld 0

Bea's other income includes interest on a savings account at Beach National Bank of $1,200 and $600 per month alimony from her ex-husband in accordance with their August 2011 divorce decree.

Bea's employer operates a 401(k) plan, and although she is eligible, Bea does not participate.

During 2019, Bea paid the following amounts (all of which can be substantiated):

Home mortgage interest (1098 not shown) $8,800
Auto loan interest 2,300
State sales tax 820
Property taxes on personal residence 3,233
Unreimbursed hospital bills 3,275
Doctor bills 2,612
Other deductible medical expenses 720
Income tax preparation fee 600
Job-hunting expenses 925
Contribution to IRA 2,300

In September 2019, Tropical Storm Yuri struck Gulfport and a tree fell on Bea's home. Bea acquired the home in February 2012 for $110,000. The FMV of her home before the storm was $117,800. The estimated loss in market value from damage was equal to her repair charge of $7,800. The damage caused by TS Yuri was declared a federal disaster (code EM-1212). Bea's deductible was quite high and her insurance company only reimbursed her $1,200.

Required: Complete Bea's Form 1040 and Schedules 1, A and Form 4684.

  • Bea had health coverage for the entire year and does not want to make a contribution to the presidential election campaign.
  • Make realistic assumptions about any missing data.
  • Enter all amounts as positive numbers.
  • If an amount box does not require an entry or the answer is zero, enter "0".
  • If required round any dollar amount to the nearest dollar.

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

Eco Management And Audit Scheme

Authors: Gerardus Blokdyk

3rd Edition

0655169709, 978-0655169703

More Books

Students also viewed these Accounting questions