Check Required information (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 $4,700 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 $3,450 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, Shauna had Lasik eye surgery last year and paid $3,050 for the surgery (she received no insurance reimbursement). She also incurred $470 of other medical expenses for the year. c. SD withheld $1,850 of state income tax, $7,545 of Social Security tax, and $14,700 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $270 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 $2,350. e. Shauna paid $3,250 of property taxes on her personal residence. She also paid $520 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $220 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan in the amount of $230,000 that she secured when she purchased her home. The home is worth about $110 00 Shauna naid interact of $12.500 on the loan thic vaar Chec Liverpuy LIITICIZZI LILLA "Uwy. LUULICI LILO tax liability for 2021 will be $2,350. e. Shauna paid $3,250 of property taxes on her personal residence. She also paid $520 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $220 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan in the amount of $230,000 that she secured when she purchased her home. The home is worth about $410,000. Shauna paid interest of $12,500 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 $1,200 and her basis in the shares was $480. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $320 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $520 and Shauna's basis in the items was $320. 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 $1,250 of services to her church last year. i. Shauna paid $270 in investment advisory fees and another $170 to have her tax return prepared (that is, she paid $170 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,550 in prize money and incurred $12,000 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 $2,050 in gambling losses over the year (mostly horse-racing bets) and had only $220 in winnings. b-1. Assume Shauna's AGI is $217,000. Determine Shauna's taxable income. Tavahle income Check my work ! Required information i... here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 pogo-atate ale i 2a Tax-exempt interest 2a Attach Sch. Bit required. 3a Qualified dividends 2,050 b Taxable interest b Ordinary dividends b b Taxable amount b Taxable amount 3a 4a IRA distributions 4a 5a Pensions and annuities 5a b Taxable amount 6a Social security benefits 7 Capital gain or loss). Attach Schedule Dif required. If not required, check here 7 8 Other income from Schedule 1, line 9 8 9 9 Add lines 1, 2, 3, 4, 5b, 66, 7, and 8. This is your total income 10 Adjustments to income: a From Schedule 1, line 22 10a Standard Deduction for- Single or Married filing separately $12,400 Married filing jointly or Qualifying widow(er), $24,800 Head of household, $18,650 If you checked any box under Standard Deduction, , see instructions. b Charitable contributions if you take the standard deduction. See instructions 10b c Add lines 10a and 10b. These are your total adjustments to income 10c 11 11 Subtract line 10c from line 9. This is your adjusted gross income 12 Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 12 13 .... Form 1040 Schedule A. SCHEDULE A OMB No. 1545-0074 Itemized Deductions (Form 1040) Go to www.irs.gov/Schedule A for instructions and the latest information. 2020 Department of the Treasury Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16. Internal Revenue Service (99) Attachment Sequence No. 07 Name(s) shown on Form 1040 or 1040-SR Your social security number Coleman 111-11-1111 Caution: Do not include expenses reimbursed or paid by others. Shauna Medical and Dental Expenses 1 Medical and dental expenses (see instructions) 1 3,531 2 Enter amount from Form 1040 or 1040-SR, line 11 2 3 Multiply line 2 by 7.5% (0.075) 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter-O- 4 3.53 5 State and local taxes. Taxes You Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box 5a Check my work 3.53 Required information ------ Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, 5 check this box b State and local real estate taxes (see instructions) 55 c State and local personal property taxes 5c 50 d Add lines 5a through 5c e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately) 5e 6 Other taxes. List type and amount 6 7 Add lines 5e and 6 7 Interest You Paid 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 if limited 8 Caution: Your mortgage interest deduction may be limited (see instruction) b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address 8b Dainte matronated to STAR Farm 1nno Cas instructions for an nila Check my work Required information 7 Add lines be and 6 6 Interest You 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, Paid or improve your home, see instructions and check this box , a Home mortgage interest and points reported to you on Form 1098. See instructions if limited 8 Caution: Your mortgage interest deduction may be limited (see instruction) b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address 8b c Points not reported to you on Form 1098. See instructions for special rules 8c 8d 8e d Mortgage insurance premiums (see instructions). e Add lines 8a through 8d. 9 Investment interest. Attach Form 4952 if required. See instructions 10 Add lines 8e and 9 9 10 11 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions Charity 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 Caution: If you made a gift and got a benefit 13 Carryover from prior year for it, see instructions. , , 14 Add lines 11 throunh 13 12 13 14 Check my work Required information 10 11 10 Add lines 8e and 9 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions Charity 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 Caution: If you made a gift and got a benefit 13 Carryover from prior year for it, see instructions. , 14 Add lines 11 through 13 12 13 14 Casualty and Theft Losses 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions 15 16 Otherfrom list in instructions. List type and amount Other Itemized Deductions 16 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12 17 3,53 Total Itemized Deductions 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box For Paperwork Reduction Act Notice, see the Instructions for Forms 1040 and 1040-SR. Cat. No. 17145C Schedule A (Form 1040) 2020 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education. Check Required information (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 $4,700 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 $3,450 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, Shauna had Lasik eye surgery last year and paid $3,050 for the surgery (she received no insurance reimbursement). She also incurred $470 of other medical expenses for the year. c. SD withheld $1,850 of state income tax, $7,545 of Social Security tax, and $14,700 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $270 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 $2,350. e. Shauna paid $3,250 of property taxes on her personal residence. She also paid $520 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $220 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan in the amount of $230,000 that she secured when she purchased her home. The home is worth about $110 00 Shauna naid interact of $12.500 on the loan thic vaar Chec Liverpuy LIITICIZZI LILLA "Uwy. LUULICI LILO tax liability for 2021 will be $2,350. e. Shauna paid $3,250 of property taxes on her personal residence. She also paid $520 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $220 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan in the amount of $230,000 that she secured when she purchased her home. The home is worth about $410,000. Shauna paid interest of $12,500 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 $1,200 and her basis in the shares was $480. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $320 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $520 and Shauna's basis in the items was $320. 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 $1,250 of services to her church last year. i. Shauna paid $270 in investment advisory fees and another $170 to have her tax return prepared (that is, she paid $170 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,550 in prize money and incurred $12,000 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 $2,050 in gambling losses over the year (mostly horse-racing bets) and had only $220 in winnings. b-1. Assume Shauna's AGI is $217,000. Determine Shauna's taxable income. Tavahle income Check my work ! Required information i... here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 pogo-atate ale i 2a Tax-exempt interest 2a Attach Sch. Bit required. 3a Qualified dividends 2,050 b Taxable interest b Ordinary dividends b b Taxable amount b Taxable amount 3a 4a IRA distributions 4a 5a Pensions and annuities 5a b Taxable amount 6a Social security benefits 7 Capital gain or loss). Attach Schedule Dif required. If not required, check here 7 8 Other income from Schedule 1, line 9 8 9 9 Add lines 1, 2, 3, 4, 5b, 66, 7, and 8. This is your total income 10 Adjustments to income: a From Schedule 1, line 22 10a Standard Deduction for- Single or Married filing separately $12,400 Married filing jointly or Qualifying widow(er), $24,800 Head of household, $18,650 If you checked any box under Standard Deduction, , see instructions. b Charitable contributions if you take the standard deduction. See instructions 10b c Add lines 10a and 10b. These are your total adjustments to income 10c 11 11 Subtract line 10c from line 9. This is your adjusted gross income 12 Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 12 13 .... Form 1040 Schedule A. SCHEDULE A OMB No. 1545-0074 Itemized Deductions (Form 1040) Go to www.irs.gov/Schedule A for instructions and the latest information. 2020 Department of the Treasury Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16. Internal Revenue Service (99) Attachment Sequence No. 07 Name(s) shown on Form 1040 or 1040-SR Your social security number Coleman 111-11-1111 Caution: Do not include expenses reimbursed or paid by others. Shauna Medical and Dental Expenses 1 Medical and dental expenses (see instructions) 1 3,531 2 Enter amount from Form 1040 or 1040-SR, line 11 2 3 Multiply line 2 by 7.5% (0.075) 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter-O- 4 3.53 5 State and local taxes. Taxes You Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box 5a Check my work 3.53 Required information ------ Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, 5 check this box b State and local real estate taxes (see instructions) 55 c State and local personal property taxes 5c 50 d Add lines 5a through 5c e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately) 5e 6 Other taxes. List type and amount 6 7 Add lines 5e and 6 7 Interest You Paid 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 if limited 8 Caution: Your mortgage interest deduction may be limited (see instruction) b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address 8b Dainte matronated to STAR Farm 1nno Cas instructions for an nila Check my work Required information 7 Add lines be and 6 6 Interest You 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, Paid or improve your home, see instructions and check this box , a Home mortgage interest and points reported to you on Form 1098. See instructions if limited 8 Caution: Your mortgage interest deduction may be limited (see instruction) b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address 8b c Points not reported to you on Form 1098. See instructions for special rules 8c 8d 8e d Mortgage insurance premiums (see instructions). e Add lines 8a through 8d. 9 Investment interest. Attach Form 4952 if required. See instructions 10 Add lines 8e and 9 9 10 11 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions Charity 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 Caution: If you made a gift and got a benefit 13 Carryover from prior year for it, see instructions. , , 14 Add lines 11 throunh 13 12 13 14 Check my work Required information 10 11 10 Add lines 8e and 9 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions Charity 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 Caution: If you made a gift and got a benefit 13 Carryover from prior year for it, see instructions. , 14 Add lines 11 through 13 12 13 14 Casualty and Theft Losses 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions 15 16 Otherfrom list in instructions. List type and amount Other Itemized Deductions 16 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12 17 3,53 Total Itemized Deductions 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box For Paperwork Reduction Act Notice, see the Instructions for Forms 1040 and 1040-SR. Cat. No. 17145C Schedule A (Form 1040) 2020 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education