Question
David and Annette Manuel live at 1316 Harrison Drive, Bloomington, Illinois 61701. David is employed as a supervisor by a local insurance firm, Slate Pharm.
David and Annette Manuel live at 1316 Harrison Drive, Bloomington, Illinois 61701. David is employed as a supervisor by a local insurance firm, Slate Pharm. Annette is a librarian who works at the Bloomington Public Library. During 2019, the Manuels had the following receipts:
Wages from Jobs | 135,000 |
Interest income from a money market account (reported on a 1099-INT from 1st National Bank) | 1,400 |
Interest income from Town of Normal bonds | 3,000 |
Dividends (non-qualified) | 425 |
Proceeds from sale of developed land (A 1099-B was issued) | 75,000 |
Inheritance from his Uncle Melvin | 25,000 |
Proceeds from a garage sale | 875 |
The Manuels sold the developed land on June 1. They originally paid $80,000 for the land as an investment right before the collapse of the real estate market on March 10, 2008.
Davids expenses for 2019 include the following:
Medical expenses (out of pocket expenses) | 5,890 |
Dental expenses for Davids mom Linda | 6,050 |
State of Illinois income tax | 5,250 |
State of Illinois sales tax Property taxes on personal residence | 4,800 6,200 |
Interest on home mortgage | 4,600 |
Contributions to local charities | 13,800 |
Tuition paid to Illinois State University for Rose (She got a 1098-T) She has taken the American Opportunity Credit 4 times in previous years. | 9,000 |
Contribution to an IRA account | 5,500 |
Student loan interest paid on a loan for Rose | 750 |
David is not covered by a retirement plan at work. The Manuels are covered by an employers health insurance policy for all of 2018. However, they are subject to a deductible, and dental care is not included. The dental expenses listed above include dental charges for Linda, Davids widowed mother, who lives with them (see below).
Davids household, all of whom he supports, includes the following:
David Manuel (age 50) 123-45-6787 8/30/1969
Annette Manuel (age 48) 123-45-6777 11/17/1971
Linda Manuel (age 72) 123-45-6780 1/13/1947
Rose Manuel (age 21) 123-45-6783 4/16/1998
Marie Manuel (age 16) 123-45-6784 5/14/2003
Philip Manuel (age 13) 123-45-8526 6/8/2006
Lindas only source of income is her Social Security benefits. Rose is a full-time student at ISU and earns $4,500 at her part-time job. Marie worked at Carls in the summer and made $2,600.
David and Annette had $5,350 withheld for Federal income tax in 2019.
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