Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone complete a 2017 individual tax return, Form 1040, for the information given below. Thanks! Individual Tax Return Problem 3 Required . Use the

Can someone complete a 2017 individual tax return, Form 1040, for the information given below.

Thanks!

image text in transcribed

Individual Tax Return Problem 3 Required . Use the following information to complete Rhonda Hill's 2017 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps The forms, schedules, and instructions can be found at the IRS website (www.irs.gov).The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in the home. Mabel is retired and receives $2.,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information: Rhonda does not want to contribute to the presidential election campaign. Rhonda lives at 1234 Blue Ridge Way. Tulsa, Oklahoma 74101 Rhonda's birthday is 12/18/1952 and her Social Security number is 335-67-8910 Mabel's birthday is 11/2/1944 and her Social Security number is 566-77-8899 Rhonda does not have any foreign bank accounts or trusts. Rhonda has qualifying insurance for purposes of the Affordable Care Act (ACA) 2 Rhonda received a Form W-2 from Carter and Associates (her employer) that contained the following information: Line 1 Wages, tips, other compensation Line 2 Federal income tax withheld Line 3 Social Security wages Line 4 Social Security tax withheld Line 5 Medicare wages and tips Line 6 Medicare tax withheld Line 16 State wages, tips, etc. Line 17 State income tax Carter and Associates address is 1234 CPA Way Tulsa, Oklahoma 74101: its FEIN is 91:0001002 and its State ID number is 123456678 $72,000 9,300 72,000 4464 72,000 1,044 72,000 2,700 Rhonda received $250 in interest from Tulsa City bonds, S120 interest from IBM bonds, and S15 from her savings account at UCU Credit Union. She also received a $460 dividend from Huggies Company and $500 from Bicker Corporation. Both dividends are qualified dividends. purchased the stock for S65 a share on February 2, 2017. Stock basis amounts have been reported to the IRS for medical purposes in 2017 4. Rhonda sold 200 shares of DM stock for S18 a share on June 15, 2017. She purchased the stock on December 12, 2012, for S10 a share. She also sold 50 shares of RSA stock for $15 a share on October 2, 2017. She Page C-5 S. The following is a record of the medical expenses that Rhonda paid for herself during the year. The amounts reported are amounts she paid in excess of insurance re Rhonda drove 210 miles Insurance premiums Prescription medications S3,700 100 250 1.450 300 200 Doctor and dentist visits Eyeglasses Physical therapy 6. Rhonda paid $2,800 in mortgage interest during the year to UCU credit union (reported to her on Form 1098). She also paid $1,200 in real property taxes during the year . Rhonda contributed $2.350 to Heavenly Church during the year. Heavenly Church's address is 1342 Religion Way. Tulsa, Oklahoma 7410n Individual Tax Return Problem 3 Required . Use the following information to complete Rhonda Hill's 2017 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps The forms, schedules, and instructions can be found at the IRS website (www.irs.gov).The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in the home. Mabel is retired and receives $2.,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information: Rhonda does not want to contribute to the presidential election campaign. Rhonda lives at 1234 Blue Ridge Way. Tulsa, Oklahoma 74101 Rhonda's birthday is 12/18/1952 and her Social Security number is 335-67-8910 Mabel's birthday is 11/2/1944 and her Social Security number is 566-77-8899 Rhonda does not have any foreign bank accounts or trusts. Rhonda has qualifying insurance for purposes of the Affordable Care Act (ACA) 2 Rhonda received a Form W-2 from Carter and Associates (her employer) that contained the following information: Line 1 Wages, tips, other compensation Line 2 Federal income tax withheld Line 3 Social Security wages Line 4 Social Security tax withheld Line 5 Medicare wages and tips Line 6 Medicare tax withheld Line 16 State wages, tips, etc. Line 17 State income tax Carter and Associates address is 1234 CPA Way Tulsa, Oklahoma 74101: its FEIN is 91:0001002 and its State ID number is 123456678 $72,000 9,300 72,000 4464 72,000 1,044 72,000 2,700 Rhonda received $250 in interest from Tulsa City bonds, S120 interest from IBM bonds, and S15 from her savings account at UCU Credit Union. She also received a $460 dividend from Huggies Company and $500 from Bicker Corporation. Both dividends are qualified dividends. purchased the stock for S65 a share on February 2, 2017. Stock basis amounts have been reported to the IRS for medical purposes in 2017 4. Rhonda sold 200 shares of DM stock for S18 a share on June 15, 2017. She purchased the stock on December 12, 2012, for S10 a share. She also sold 50 shares of RSA stock for $15 a share on October 2, 2017. She Page C-5 S. The following is a record of the medical expenses that Rhonda paid for herself during the year. The amounts reported are amounts she paid in excess of insurance re Rhonda drove 210 miles Insurance premiums Prescription medications S3,700 100 250 1.450 300 200 Doctor and dentist visits Eyeglasses Physical therapy 6. Rhonda paid $2,800 in mortgage interest during the year to UCU credit union (reported to her on Form 1098). She also paid $1,200 in real property taxes during the year . Rhonda contributed $2.350 to Heavenly Church during the year. Heavenly Church's address is 1342 Religion Way. Tulsa, Oklahoma 7410n

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

Students also viewed these Accounting questions