Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle, Sandville, FL 33868. Her social

Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle, Sandville, FL 33868. Her social security number is 412-34-5670. For tax year 2022, Debra had the following income information: Wages $ 156,391 Social security withholding 9114 Medicare withholding 2,268 Federal income tax withheld 31,850 State income tax withheld 0 New Bank 1099-INT 5,484 Hope Bank 1099-INT 3,875 Debra had the following stock transactions during 2022. A 1099-B was received for the proceeds of each sale: Transaction Purchased Sold Proceeds Cost Sale Expenses 300 shares IBM 01/05/14 5/11/22 $ 16,500 $ 14,100 $ 875 200 shares SMI 01/05/14 5/15/22 41,000 41,800 2,050 100 shares BMI 03/05/20 4/12/22 10,500 11,400 525 300 shares ABC 07/05/22 9/15/22 16,500 14,100 825 300 shares DDC 05/19/22 10/11/22 45,000 51,000 2,250 300 shares PPC 01/05/14 5/11/22 5,000 2,800 250 4,000 shares LLP Inherited 12/11/22 436,000 * 21,800 1,500 shares QQM Inherited 5/11/22 41,325 * 2,066 * Debra inherited the LLP stock and the QQM stock when her father passed away on May 1, 2022. Debras father purchased the LLP stock in 1971 for $35,000. The FMV of the LLP stock at the date of death was $415,500. The QQM stock was purchased by Debras father on February 6, 2021, for $49,000. The FMV of the QQM stock at the date of death was $49,600. Debra also sold her wine collection for $38,000. She had purchased the wine on January 5, 2017, for a total of $20,100. Debra has a capital loss carryover from 2021 of $11,700: $3,000 short-term and $8,150 long-term. Debra rents a condo (no mortgage interest) and lives in Florida (no state income tax). Thus, she claims the standard deduction. Required: Complete the 2022 tax return for Debra Simon. You do not need to complete the loss carryover worksheet but do need to enter the carryover amount in the appropriate place on Schedule D. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Debra Simon has not acquired any financial interest in virtual currency last year. For any missing information, make reasonable assumptions. Use the appropriate Tax Tables or Tax Rate Schedules. Note: List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers unless otherwise stated in the forms. Instructions can be found on certain cells within the forms. Round all intermediate calculations and your final answers to the nearest whole dollar amount.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

College Accounting A Practical Approach

Authors: Jeffrey Slater

12th edition

978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233

More Books

Students also viewed these Accounting questions

Question

How flying airoplane?

Answered: 1 week ago

Question

1. Identify six different types of history.

Answered: 1 week ago

Question

2. Define the grand narrative.

Answered: 1 week ago

Question

4. Describe the role of narratives in constructing history.

Answered: 1 week ago