Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Create a Schedule D (Form 1040) for the Capital Gains and Losses for the Daniel and Freida 56. Daniel B. Butler and his spouse Freida
Create a Schedule D (Form 1040) for the Capital Gains and Losses for the Daniel and Freida
56. Daniel B. Butler and his spouse Freida C. Butler file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan's Social Security number is 111-11-1112, and Freida's is 123-45-6780. Dan was born on January 15, 1971, and Freida was born on August 20, 1971. Communications Decision Making Tax Forms Problem During 2022, Dan and Freida furnished over half of the total support of each of the following individuals, all of whom still live at home: a. Gina, their daughter, age 22, a full-time student, who ProConnect" Tax married on December 21, has no income of her own and did not file a joint return with her husband, Casey, who earned $10,600 during 2022. Gina's Sociat Security number is 123456788. b. Willic, their son, age 19, graduated high pchool in May 2022. He is taking a leap year and will not begin college until 2023 . He had gross income of $6,300 in 2022. Willie's Social Security number is 123456787. C. Ben, their oldest son, age 26 , is a full-time graduate student with gross income of 55,200 . Ben's Social Security number is 123-45-6786. The $382 from First Bank was an original issue discount. Dan and Freida collected $16,000 on the First Bank CD that matured on September 30,2022 . The CD was purchased on October 1,2019 , for $14,995, and the yield to maturity was 3.3%. Dan participated on a game show and won a cash prize of $7,000. In addition to the above information, Dan and Freida's itemized deductions included the following: Sales tax from the sales tax table is $1,860. Dan and Freida made Federal estimated tax payments of $6,000. They have never owned or used any digital assets, and they do not wish to contribute to the Presidential Election Campaign. The Kentucky income tax rate is 4% Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started