Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Comprehensive Problem 5-2A Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2018. She lives at 654 Ocean Way, Gulfport, FL

image text in transcribedimage text in transcribed

Comprehensive Problem 5-2A Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2018. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea's Social Security number is 466-78-7359 and she is single. Her earnings and income tax withholding for 2019 for her job as a manager at a Florida shrimp-processing plant are: $44,000 Earnings from the Gulf Shrimp Co. Federal income tax withheld State income tax withheld 4,600 Bea's other income includes interest on a savings account at Beach National Bank of $1,200 and $600 per month alimony from her ex-husband in accordance with their August 2011 divorce decree. Bea's employer operates a 401(k) plan, and although she is eligible, Bea does not participate. During 2019, Bea paid the following amounts (all of which can be substantiated): Home mortgage interest (1098 not shown) $8,800 2,300 820 3,233 3,275 Auto loan interest State sales tax Property taxes on personal residence Unreimbursed hospital bills Doctor bills Other deductible medical expenses Income tax preparation fee Job-hunting expenses Contribution to IRA 2,612 720 600 925 2,300 In September 2019, Tropical Storm Yuri struck Gulfport and a tree fell on Bea's home. Bea acquired the home in February 2012 for $110,000. The FMV of her home before the storm was $117,800. The estimated loss in market value from damage was equal to her repair charge of $7,800. The damage caused by TS Yuri was declared a federal disaster (code EM-1212). Bea's deductible was quite high and her insurance company only reimbursed her $1,200. Required: Complete Bea's Form 1040 and Schedules 1, A and Form 4684. Bea had health coverage for the entire year and does not want to make a contribution to the presidential election campaign. Make realistic assumptions about any missing data. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "o". If required round any dollar amount to the nearest dollar

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

Work individually with a faculty member

Answered: 1 week ago