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CAN YOU PLEASE HELP ME FILL THIS OUT. THE LAST EXPERT GAVE ME WRONG INFORMATION. THANK YOU! PLEASE CAN YOU HELP ME FILL THIS OUT
CAN YOU PLEASE HELP ME FILL THIS OUT. THE LAST EXPERT GAVE ME WRONG INFORMATION. THANK YOU!
PLEASE CAN YOU HELP ME FILL THIS OUT
FOR THIS PROBLEM CAN YOU PLEASE BE VERY CLEARLY WRITTEN WHEN YOU ARE HELPPING ME SOLVE THIS PROBLEM. THANK YOU VERY MUCH Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. a. Ken won $1,600 in an illegal game of poker (the game was played in Utah, where gambling is illegal). b. Ken sold 1,400 shares of stock for $32 a share. He inherited the stock two years ago. His tax basis (or investment) in the stock was $31 per share. c. Ken received $29,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years, for $243,600. d. Ken received $14,000 in disability benefits for the year. He purchased the disability insurance policy last year. e. Ken decided to go back to school to learn about European history. He received a $900 cash scholarship to attend. He used $500 to pay for his books and tuition, and he applied the rest toward his new car payment. f. Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken as a gift from Mike to Ken. Ken received the check on December 30 in the amount of $1,700. g. Ken received a $810 refund of the $4,000 in state income taxes his employer withheld from his pay last year. Ken claimed $12,850 in itemized deductions last year (the standard deduction for a single filer was $12,400). h. Ken received $34,000 of interest from corporate bonds and money market accounts. 2a b b Taxable interest. 2b 3a 3b Wages, salaries, tips, etc. Attach Form(s) W-2 Tax-exempt interest Qualified dividends IRA distributions Pensions and annuities Social security benefits 4a 4b b Ordinary dividends, . b Taxable amount b b Taxable amount b Taxable amount 5b 6b Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Other income from Schedule 1. line 9 8 9 0 Add lines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income Adjustments to income: From Schedule 1, line 22 Charitable contributions if you take the standard deduction. See instruction 10a 105 10c 11 12 Add lines 10a and 10b. These are your total adjustments to income Subtract line 10c from line 9. This is your adjusted gross income Standard deduction or itemized deductions (from Schedule A) ( Qualified business income deduction. Attach Form 8995 or Form 8995-A Add lines 12 and 13 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 13 14 151 1 Taxable refunds, credits, or offsets of state and local income taxes , Alimony received 2a 3 4 5 Date of original divorce or separation agreement (see instructions) Business income or (loss). Attach Schedule C Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or loss). Attach Schedule F Unemployment compensation Other income. List type and amount Combine lines 1 through 8. Enter here and on Form 1040 1040-SR, or 1040-NR, line 8 6 7 8 9 0 Educator expenses 10 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 Health savings account deduction. Attach Form 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE 14 15 16 Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN 17 18a Date of original divorce or separation agreement (see instructions) IRA deduction 19 Student loan interest deduction 20 Tuition and fees deduction. Attach Form 8917 21
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