Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

cannyou check if my form 1040 and schedule 1 is correct? Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as

cannyou check if my form 1040 and schedule 1 is correct?
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for 2022: - Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. - Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received \$4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. - Received $1,000 of interest income on bonds issued by the City of Tampa. - Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with a $5,000FMV. - Alice's employer paid $2,000 of medical and health insurance premiums on her behalf. - Received \$13,000 alimony from her ex-husband. They divorced on August 1, 2015. - State University provided $60,000 of group term life insurance. Alice is 42 years old, not a key employee, and employed by State University for all of 2022 . The table in the text is applicable. - Received a \$1,000 cash award from her employer for being designated the Secretary of the Year. - Total itemized deductions are $10,000. - Alice did not have any transactions involving digital assets. - Alice wants any overpayment to be refunded to her. Complete Form 1040 and accompanying schedules for Alice Johnson's 2022 return. 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received b Date of original divorce or separation agreement (see instructions): 3 Business income or (loss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F. 7 Unemployment compensation. 8 Other income: a Net operating loss b Gambling c Cancellation of debt d Foreign earned income exclusion from Form 2555 - Income from Form 8853 f Income from Form 8889 g Alaska Permanent Fund dividends h Jury duty pay i Prizes and awards i Activity not engaged in for profit income k Stock options 1 Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property m Olympic and Paralympic medals and USOC prize money (see instructions) n Section 951(a) inclusion (see instructions) - Section 951A(a) inclusion (see instructions) p Section 461(0) excess business loss adjustment q Taxable distributions from an ABLE account (see instructions) r. Scholarship and fellowship grants not reported on Form W-2 s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan u Wages earned while incarcerated z Other income. List type and amount: 9 Total other income. Add lines 8 a through 82 . 10 Combine lines 1 through 7 and 9 . Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 \begin{tabular}{|l|l} \hline 1 & 196 \\ \hline 27 & 13000 \\ \hline 3 & 0 \\ \hline 4 & 0 \\ \hline 5 & 0 \\ \hline 6 & 0 \\ \hline 7 & \\ \hline \\ \hline 0 \\ \hline 0 \\ \hline 0 \\ \hline 0 \\ \hline \end{tabular} For Paperwork Reduction Act Notice, see your tax return instructions. Cat No ristof schedvie 1 Form 19+9) 2022 Sehedily 1 Foin to4c 2002 Pane 2 Part II Adjustments to Income 11 Educator expenses. 12 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 13 Health savings account deduction. Attach Form 8889 14 Moving expenses for members of the Armed Forces. Attach Form 3903 15 Deductible part of self-employment tax. Attach Schedule SE 16 Set-employed SEP, SIMPLE, and qualified plans 17 Sel-employed health insurance deduction 18 Penaity on early withdrawal of savings . 19a Almony paid b Recipient's SSN c Date of original divorce or separation agreement (see instructions): 20 IRA deduction. 21 Student loan interest deduction 22 Reserved for future use 23 Archer MSA deduction 24 Other adjustments: a Jury duty pay (see instructions) b Deductible expenses related to income reported on line 8I from the rental of personal property engaged in for profit c. Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m d Peforestation amortization and expenses. - Repayment of supplemental unemployment benefits under the Trade Act of 1974 1 Contributions to section 501(c)(18)(D) pension plans g Contributions by certain chaplains to section 403(b) plans h Attomey foes and court costs for actions involving certain unlambut discrimination claims (see instructions). i. Attorney fees and court costs you paid in connection with an award from the IRS for information you provided that helped the IRS detect tax law violations 1. Housing deduction from Form 2555 k. Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) x. Other adjustments. List type and amount: 25 Total other adjustments. Add lines 24a through 24z 26 Add lines 11 throuph 23 and 25 , These are your adjustments to income. Enter here and on Form 1040 or 1040 -SR, line 10 , or Form 1040-NR, line 10a \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Fom 1040 ao2z } & \multirow{2}{*}{\multicolumn{3}{|c|}{ Tax (nee instructions), Oreck if any from form(u): }} & \multirow{2}{*}{\multicolumn{3}{|c|}{1[8814}} & \multirow[b]{2}{*}{2} & \multirow{2}{*}{\multicolumn{3}{|c|}{}} & \multirow{2}{*}{3} & & \multicolumn{2}{|r|}{ Page 2} \\ \hline Tax and & 16 & & & & & & & & & & & & & {[1} & & + & 16 & 4004 \\ \hline Credits & 17 & Anount from Schedule 2, ine 3 & 11 & & & & & t. & & . & & & & +8 & T. & i & 17 & 0 \\ \hline & 18 & Add ines 16 and 17 , . . & & in 1. & & (4) & & & & . & & ili: & .8 & & & & 18 & 4004 \\ \hline & 10 & Child tax credit or credit for other & depen & ndents tro & trom sc & iched & dule & 881 & & . & & & . 1. & & 4 & & 19 & 0 \\ \hline & 20 & Ancunt from Schedule 3, line 8 & & & +8 & & . & & 8 & y & & & . & +4 & . & i & 20 & 0 \\ \hline & 21 & Add lines 19 and 20 .... & t. & 4 & 1. is & & & 4i & & & & i.t. & .1 & & . & & 21 & 2 \\ \hline & 22 & Subtract line 21 from line 18 . If 2 en & wo or le & leas, ente & ter -0. & & +1 & & & 4 & & , & & & & & 22 & 4004 \\ \hline & 23 & Osher taxes, including self-employ & oyment & t tax, from & om sche & & de 2 , & & 21 & & & & ,. &.+ & + & +2 & 23 & 2 \\ \hline & 24 & Add lines 22 and 23 . This is your & total t: & & & & & & & & & & & & & & 24 & 4004 \\ \hline Payments & 25 & Foderd income tax withhoid from & & & & & & & & & & & & & & & & \\ \hline & a & Form(s) w-2 , . . . . . & ( & * & a & . &. & & & & & 25a & & & & 4200 & & \\ \hline & b & Form(s) 1099 & & ... & & \% & & . & . & . & & 25b & & & & 0 & & \\ \hline & 0 & Other forms (see inatructions) . & & 1. & +1 & s. & r. & (.) & i. & if & & 25c & & & & 0 & & \\ \hline & d & Add lines 25a through 25c... & 1=1 & : & & . & ... & . & & + & & .8 & . & & & s & 25d & 4200 \\ \hline \end{tabular} pornon ha a chld but not your dependert: \begin{tabular}{|c|c|c|c|c|} \hline Your fint name and ndode hillel & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{l} Let niense \\ Johnen \end{tabular}}} & & Your sodel insurite mumber \\ \hline Allee & & & & \\ \hline & Lint rime & & & Sposser's sotiel mourty neirber \\ \hline & Initructions. & & Not.no. & \\ \hline Oy, town ar post once. if you have a foreion addre & amplete specses below: & Stath & ZPP code & \\ \hline Forilign oountry name & \multicolumn{2}{|c|}{ Forelon province/state/courity } & Foricipi pontail code & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \begin{tabular}{l} Digital \\ Assets \end{tabular} & & ros & No \\ \hline \begin{tabular}{l} Standard \\ Deduction \end{tabular} & \begin{tabular}{l} Someone can claim: You as a dopendent Your spouse as a dependent \\ Spoume itemizes on a soparate retum or you were a dual-atatus slien \end{tabular} & & \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Question

What are the APPROACHES TO HRM?

Answered: 1 week ago