Checi Comprehensive Problem 6-62 (LO 6-1, LO 6-2, LO 6-3) (Algo) [The following information applies to the questions displayed below.) Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,720 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,500 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shouna had Lasik eye surgery last year and paid $3,100 for the surgery (she received no insurance reimbursement). She also incurred $490 of other medical expenses for the year. c. SD withheld $1,900 of state income tax, $7,595 of Social Security tax, and $14,900 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $290 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,400. e. Shauna paid $3,300 of property taxes on her personal residence. She also paid $540 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $240 property tax based on the state's estimate of the value of her car. 9. Shauna has a home mortgage loan in the amount of $240,000 that she secured when she purchased her home. The home is worth about $420,000. Shauna pald interest of $12,700 on the loan this year. - Check m e Shauna paid $3,300 of property taxes on her personal residence. She also paid $540 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. 1. Shauna paid a $240 property tax based on the state's estimate of the value of her car. 9. Shauna has a home mortgage loan in the amount of $240,000 that she secured when she purchased her home. The home is worth about $420,000. Shauna paid interest of $12,700 on the loan this year. h Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,400 and her basis in the shares was $560. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $340 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $540 and Shauna's basis in the items was $340. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,300 of services to her church last year. 1. Shauna paid $290 in investment advisory fees and another $190 to have her tax return preppred (that is, she paid $190 in 2021 to have her 2020 tax return prepared). J. Shauna is involved in horse racing as a hobby. During the year, she won $2,600 in prize money and incurred $14,000 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,100 in gambling losses over the year (mostly horse-racing bets) and had only $240 in winnings Comprehensive Problem 6-62 Part a-1 (Algo) Saved Subm Help Save & Exit 6 Check my work 1. Shauna paid $290 in investment advisory fees and another $190 to have her tax return prepared that is, she paid $190 in 2021 to have her 2020 tax return prepared). J. Shauna is involved in horse racing as a hobby. During the year, she won $2.500 in prize money and incurred $14,000 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k Shauna sustained $2,100 in gambling losses over the year (mostly horse-racing bets) and had only $240 in winnings Comprehensive Problem 6-62 Part a-1 (Algo) a-1. Assume Shauna's AGI is $127.000. Determine Shauna's taxable income. (Round your intermediate calculations to the nearest whole dollar amount.) Taxable income Check my wc J. Shauna is involved in horse racing as a hobby. During the year, she won $2,600 in prize money and incurred $14,000 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,100 in gambling losses over the year (mostly horse-racing bets) and had only $240 in winnings. Comprehensive Problem 6-62 Part a-2 (Algo) a-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGI is $127,000 (Round your intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2021 tax rules regardless of year on form.) Shauna's address is 19010 NW. 135th Street, Miami, FL 33054. Social security numbers Shauna Coleman: 111-11-1111 Form 1040 for Single with no dependents. Check my woe Required information 1040 PG 1 Schedule A Form 1040 Page 1 Department of the Treasury Form Internal Revenue Service (99) 1040 U.S. Individual 2020 OMB No 1545-0074 Income Tax Return IRS Use Only Do not write of staple in this space Married ling Filing Status Single Married filing separately (MFS) Head of household (HOH) Join Qualifying widowler) (@w Check only If you checked the MFS box, enter the name of your spouse. If you checked HOH or GW box, enter the child's name if the qualifying person is one or a child but not your dependent Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middlonial Last name Spouse's social security number Home address number and street). If you have a PO box, se instructions Apt no Presidential Election Campaign Help Save & Exit Am Check my w Required information 4 You . City, town, or post office. If you have a foreign address also complete spaces below Check here you, or your spouse it State ZIP code Sing jointly want to go to this fund. Checking a box below will not change your tax or refund Foreign country name Foreign provincesa county Foreign postal code Spouse At any time during 2020. did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency OY ON Someone can Standard dam You as a dependent Your se as a dependent Deduction Spouse emites on separate return or you were a status when Age/Blindness Yous Were bom before January 2, 1966 Are bind Spouse: Was bombefore January 2.1956 s blind Dependents (see instructions) (2) Social security number (3) Relationship to you (4) Gues for see instructional (1) First name Last name Credit Credit for other dependents more than four dependents se instructions and check here oooo Save & Exit Check my w Required information 14 2D 36 45 b Taxable interest b Ordinary dividendo Taxable amount Taxable amount Taxable amount 50 56 ed 7 1 Wages, sales, tips, Anachoms) W-2 Attach Sch. B 2a Tax-exempt interest 2a required 3a Qualified dividends 3a 4 IRA distributions 43 5a Pensions and annuities 5a 6 Social security benefits Ba 7 Capital gain or 0038) Artach Schedule frequired. If not required. check Standard here Deduction for 8 Other income from Schedule. In Single or Married Kling separately Addnes 1, 2, 3, 4, 5, 6, 7 and 8. This is your total income $12.400 - Marding 10 Adjustments to income pointly on Quailyng From Schedule 1. Ine 22 widower) $24.800 b Charitable contributions if you take the standard deduction. See Instructions Head of household Add lines 10a and 106. These are your total dents to come $18.650 - If you checked 11 Subtract line 10c from line. This is your adjusted gross income any box under Standard 12 Standard deduction or ad deductions from Schedule A) Deduction see instructions 13 Qualified business income deduction Attach Form 8995 or Form 95-A 8 100 106 ces toe 11 12 13 5-620 Saved Help Save & Exit Check AAA.CA Required information SCHEDULE A (Form 1040) OMB No 1545-0074 Itemized Deductions + Department of the Treasury 2020 Go to www.irs.gov/Schedule for instructions and the latest Information. Attach to Form 1040 or 1040-SR. Caution: If you are claiming a ne qualified disaster loss on Form 4684, see the instructions for line 16 Internal Revenue Service (99) Name() shown on Form 1040 or 1040-R d Attachment Sequence No. 07 Your social security number Medical and Dental Expenses Caution: Do not include expenses reimbursed or paid by others. 1 Medical and dental expenses (see Instructions) 2 Enter amount from Form 1040 2 or 1040-SA in 11 3 Multiply line 2 by 7.8% (0.075) 4 Subtractine from line 1. in 3 a more than in 1, enter 5 State and local taxes State and local income taxes of general sales taxes. You may include the Income taxes or general sales taxes online sa but not both If you elect to intralcantara installine 3 Taxes You Pald 2 Check my Required information of 4 Sa check this box b State and local real estate taxes (see instruction) c State and local personal property taxes d Add lines sa through e Enter the smaller of line 5d or $10,000 ($5,000 marding separately) shop cena Sb 5c 5d Se 6 Other taxes. List type and amount med 6 Sok 7 Interest You Pald 7 Addnes Se and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy build, or improve your home see instructions and check this box a Home mortgage interest and points reported to you on Form 1098. See Instructions limited b Home mortgage interest not reported to you on Form 100. See instructions mited. If paid to the person from whom you bought the home se instructions and show that person's namelying to and address ent ances Caution: Your mortgage interest deduction may be Imited (see Instruction 89 e Points not reported to you on Form 1098. See Instructions for speciales Check my Required information 10 o 9 Investment interest Aach Form 4952 required. See instructions 10 Add Ines Band 9 Gifts to 11 Gints by cash or check if you made any gift of $250 or more, see instructions 11 Charity 12 Omer than yosh or chock. If you made any out of $250 or more, tee Instructions. You must attach Form 8283 fover 5500 12 Caution: If you made a on and got a benefit 13 Carryover from prior year 13 for itsee instructions 14 Add lines 11 through 13 Casualty and 15 Casualty and the losses) from a federaly declared as other annet qualified disaster losses) Theft Losses Aach Form 4684 and enter the amount from line 18 of that form. See instructions Other 16 Other-trom ist in instruction List type and amount Itemized Deductions 14 O 15 16 Total Itemited Deductions 17 Add the amounts in the right column for lines through 16. Ao enter this amount on Form 1040 or 1040 SA, line 12 18 if you dect to deductions even though they we less than your standard deduction check this box 17 5-620 S All Sale Fashio Saved Help Save & Exit Check her minister. Finally, Shauna contributed $1,300 of services to her church last year, i. Shauna paid $290 in investment advisory fees and another $190 to have her tax return prepared (that is, she paid $190 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,600 in prize money and incurred $14,000 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,100 in gambling losses over the year (mostly horse-racing bets) and had only $240 in winnings. Comprehensive Problem 6-62 Part b-1 (Algo) b-1. Assume Shauna's AGI is $227,000. Determine Shauna's taxable income. Taxable income Fashion... 20 Saved Help Save & Exit Sut Check my worla Required information Form 1040 for Single with no dependents. 1040 PG 1 Schedule A Form 1040 Page 1. Department of the Treasury Form Internal Revenue Service (99) 1040 U.S. Individual 2020 OMB No 1545-0074 IS Use Only Do not write or staple in this space Income Tax Return Filing Status Single Marted ting Married filing aparately (MFS) Head of household (HO) Quallying widower) (am jointy Checkony you checked the MFS box, enter the name of your spouse. If you checked the HOH OF OW box.enter the child's name if the qualitying person is one box a child but not your dependent Your first name and middle Your social security number Last name I joint return, spouse's first name and middle in Last name Spouse's social security number 8 of 4 !!! Next Seved Help Save & Ext Submit he Check my work Required information joint return, spouse's first name and midden Last name Spouse's social security number Home address number and street) you have a P.O. bokse instructions Apt. no. Presidential Election Campaign 2000 City, town, or post office. 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