Question
Complete pages 1 of Form 1040 (through taxable income, line 15) and Schedule A. Shady Slim's address is 19010 N.W. 135th Street, Miami, FL 33054.
Complete pages 1 of Form 1040 (through taxable income, line 15) and Schedule A.
Shady Slim's address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
Shady Slim: 123-45-6789 Shady Slim,Jr: 222-22-2222
(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 2022 tax rules regardless of year on form.) Shady Slim does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or interests.
Use 2021 forms and 2022 law and standards, using the 2021 forms
Hi, it's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more information from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know. Let me tell you a few more things about my life. As you may recall, I am divorced from my wife, Alice. I know that it's unusual, but I have custody of my son, Shady Jr. The judge owed me a few favors and I really love the kid. He lives with me full time and my ex-wife gets him every other weekend. I pay the vast majority of my son's expenses. I think Alice should have to pay some child support, but she doesn't have to pay a dime. The judge didn't owe me that much, I guess. I had to move this year after getting my job at Roca Cola. We moved on February 3 of this year, and I worked my job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move our stuff at a cost of $2,440, and I drove Junior in my car. Junior and I got a hotel room along the way that cost us $65 ( I love Super 8!). Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $970 in interest on my old student loans this year. Remember when I told you about that guy that hit me with his car? I had a bunch of medical expenses that were not reimbursed by the lawsuit or by my insurance. I incurred a total of $21,400 in medical expenses, and I was only reimbursed for $11,700. Good thing I can write off medical expenses, right? I contributed a lot of money to charity this year (and have receipt documentation for all contributions). I'm such a nice guy! I gave $1,140 in cash to the March of Dimes. I contributed some of my old furniture to the church. It was some good stuff! I contributed a red velvet couch and my old recliner. The furniture is considered vintage and is worth $5,700 today (the appraiser surprised me!), even though I only paid $1,140 for it back in the day. When I contributed the furniture, the pastor said he didn't like the fabric and was going to sell the furniture to pay for some more pews in the church. Oh well, some people just have no taste, right? Roca Cola had a charity drive for the United Way this year and I contributed $174. Turns out, I don't even miss it because Roca Cola takes it right off my paycheck every month... \$29 a month starting in July. My pay stub verifies that I contributed the $174 to the United Way. Oh, one other bit of charity from me this year. An old buddy of mine was down on his luck. He lost his job and his house. I gave him $570 to help him out. I paid a lot of money in interest this year. I paid a total of $1,090 in personal credit card interest. I also paid $19,800 in interest on my $550,000 home mortgage that helped me buy my dream home. I also paid $2,280 in real estate taxes for my new house. A few other things I want to tell you about this year. Someone broke into my house and stole my kid's brand new bicycle and my set of golf clubs. The total loss from theft was $1,040. I paid $195 in union dues this year. I had to pay $1,200 for new suits for my job. Roca Cola requires its managers to wear suits every day on the job. I spent a total of $1,440 to pay for gas to commute to my job this year. Oh, this is pretty cool. I've always wanted to be a firefighter. I spent $1,540 in tuition to go to the local firefighter's school. I did this because someone told me that I can deduct the tuition as an itemized deduction, so the money would be coming back to me. That should be all the information you need right now. Please calculate my taxable income and complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A. You're still doing this for free, right? Form 1040 for a Head of household with one dependent. Form 1040 Page 1. \begin{tabular}{c|c|} Form & Department of the TreasuryInternal Revenue Service (99) \\ 1040 & U.S. Individual \\ Income Tax Return \end{tabular} IRS Use Only-Do not write or staple in this space. At any time during 2021, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? \begin{tabular}{l|l} Standard & Someone can claim: \end{tabular} You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien \begin{tabular}{l|ll|l} Age/Blindness & You: & Were born before January 2, 1957 Are blind & Spouse: \\ \hline Dependere banuary 2, 1957 \end{tabular} Is blind Dependents If more than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 Attach Sch. B if 2a Tax-exempt interest required. 3a Qualified dividends 4a IRA distributions 5a Pensions and annuities 6 Social security benefits \begin{tabular}{|c|c|} \hline 2a & \\ \hline 3a & \\ \hline 4a & \\ \hline 5a & \\ \hline 6a & \\ \hline \end{tabular} baxable interest b Ordinary dividends b Taxable amount b Taxable amount b Taxable amount \begin{tabular}{l|l} Standard & here \\ Deduction for- & 8 \\ - Single or Married \end{tabular} filing separately, 9 Add lines 1,2b,3b,4b,5b,6b,7, and 8 . This is your total income $12,550 - Married filing 10 Adjustments to income from Schedule 1 , line 26 jointly or \begin{tabular}{l|l} Qualifying & 11 Subtract line 10 from line 9. This is your adjusted gross income \end{tabular} \begin{tabular}{l|l} widow(er), & 125,100 \\ $25 a Standard deduction or itemized deductions (from Schedule A) \end{tabular} - Head of b Charitable contributions if you take the standard deduction (see instructions) $18,800 - If you checked c Add lines 12a and 12b \begin{tabular}{l|l} any box under & 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A \end{tabular} \begin{tabular}{l|l} Standard & 13 Qualified business incom \\ Deduction, & 14 Add lines 12c and 13 \end{tabular} \begin{tabular}{l|l} see instructions. & 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter 0 - \end{tabular} For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B (4) if qualifies for (see instructions): \begin{tabular}{|c|l|} \hline 12a & \\ \hline 12b & \\ \hline \end{tabular} Chil Credit for other dependents 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 Form 1040 Schedule A. SCHEDULE A (Form 1040) Itemized Deductions Go to www.irs.gov/ScheduleA for instructions and the latest information. Department of the Treasury Attach to Form 1040 or 1040-SR. Internal Revenue Service (99) Caution: If you are claiming a net qualified disaster loss on Form Attachment Sequence Name(s) shown on Form 1040 or 1040-SR 4684, see the instructions for line 16 . No. 07 Hi, it's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more information from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know. Let me tell you a few more things about my life. As you may recall, I am divorced from my wife, Alice. I know that it's unusual, but I have custody of my son, Shady Jr. The judge owed me a few favors and I really love the kid. He lives with me full time and my ex-wife gets him every other weekend. I pay the vast majority of my son's expenses. I think Alice should have to pay some child support, but she doesn't have to pay a dime. The judge didn't owe me that much, I guess. I had to move this year after getting my job at Roca Cola. We moved on February 3 of this year, and I worked my job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move our stuff at a cost of $2,440, and I drove Junior in my car. Junior and I got a hotel room along the way that cost us $65 ( I love Super 8!). Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $970 in interest on my old student loans this year. Remember when I told you about that guy that hit me with his car? I had a bunch of medical expenses that were not reimbursed by the lawsuit or by my insurance. I incurred a total of $21,400 in medical expenses, and I was only reimbursed for $11,700. Good thing I can write off medical expenses, right? I contributed a lot of money to charity this year (and have receipt documentation for all contributions). I'm such a nice guy! I gave $1,140 in cash to the March of Dimes. I contributed some of my old furniture to the church. It was some good stuff! I contributed a red velvet couch and my old recliner. The furniture is considered vintage and is worth $5,700 today (the appraiser surprised me!), even though I only paid $1,140 for it back in the day. When I contributed the furniture, the pastor said he didn't like the fabric and was going to sell the furniture to pay for some more pews in the church. Oh well, some people just have no taste, right? Roca Cola had a charity drive for the United Way this year and I contributed $174. Turns out, I don't even miss it because Roca Cola takes it right off my paycheck every month... \$29 a month starting in July. My pay stub verifies that I contributed the $174 to the United Way. Oh, one other bit of charity from me this year. An old buddy of mine was down on his luck. He lost his job and his house. I gave him $570 to help him out. I paid a lot of money in interest this year. I paid a total of $1,090 in personal credit card interest. I also paid $19,800 in interest on my $550,000 home mortgage that helped me buy my dream home. I also paid $2,280 in real estate taxes for my new house. A few other things I want to tell you about this year. Someone broke into my house and stole my kid's brand new bicycle and my set of golf clubs. The total loss from theft was $1,040. I paid $195 in union dues this year. I had to pay $1,200 for new suits for my job. Roca Cola requires its managers to wear suits every day on the job. I spent a total of $1,440 to pay for gas to commute to my job this year. Oh, this is pretty cool. I've always wanted to be a firefighter. I spent $1,540 in tuition to go to the local firefighter's school. I did this because someone told me that I can deduct the tuition as an itemized deduction, so the money would be coming back to me. That should be all the information you need right now. Please calculate my taxable income and complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A. You're still doing this for free, right? Form 1040 for a Head of household with one dependent. Form 1040 Page 1. \begin{tabular}{c|c|} Form & Department of the TreasuryInternal Revenue Service (99) \\ 1040 & U.S. Individual \\ Income Tax Return \end{tabular} IRS Use Only-Do not write or staple in this space. At any time during 2021, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? \begin{tabular}{l|l} Standard & Someone can claim: \end{tabular} You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien \begin{tabular}{l|ll|l} Age/Blindness & You: & Were born before January 2, 1957 Are blind & Spouse: \\ \hline Dependere banuary 2, 1957 \end{tabular} Is blind Dependents If more than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 Attach Sch. B if 2a Tax-exempt interest required. 3a Qualified dividends 4a IRA distributions 5a Pensions and annuities 6 Social security benefits \begin{tabular}{|c|c|} \hline 2a & \\ \hline 3a & \\ \hline 4a & \\ \hline 5a & \\ \hline 6a & \\ \hline \end{tabular} baxable interest b Ordinary dividends b Taxable amount b Taxable amount b Taxable amount \begin{tabular}{l|l} Standard & here \\ Deduction for- & 8 \\ - Single or Married \end{tabular} filing separately, 9 Add lines 1,2b,3b,4b,5b,6b,7, and 8 . This is your total income $12,550 - Married filing 10 Adjustments to income from Schedule 1 , line 26 jointly or \begin{tabular}{l|l} Qualifying & 11 Subtract line 10 from line 9. This is your adjusted gross income \end{tabular} \begin{tabular}{l|l} widow(er), & 125,100 \\ $25 a Standard deduction or itemized deductions (from Schedule A) \end{tabular} - Head of b Charitable contributions if you take the standard deduction (see instructions) $18,800 - If you checked c Add lines 12a and 12b \begin{tabular}{l|l} any box under & 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A \end{tabular} \begin{tabular}{l|l} Standard & 13 Qualified business incom \\ Deduction, & 14 Add lines 12c and 13 \end{tabular} \begin{tabular}{l|l} see instructions. & 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter 0 - \end{tabular} For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B (4) if qualifies for (see instructions): \begin{tabular}{|c|l|} \hline 12a & \\ \hline 12b & \\ \hline \end{tabular} Chil Credit for other dependents 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 Form 1040 Schedule A. SCHEDULE A (Form 1040) Itemized Deductions Go to www.irs.gov/ScheduleA for instructions and the latest information. Department of the Treasury Attach to Form 1040 or 1040-SR. Internal Revenue Service (99) Caution: If you are claiming a net qualified disaster loss on Form Attachment Sequence Name(s) shown on Form 1040 or 1040-SR 4684, see the instructions for line 16 . No. 07Step by Step Solution
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