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During 2019, Sherry had the following transaction: $130,000 500 Salary Interest income on City of Denver bond Prize won in state lottery Life insurance proceeds
During 2019, Sherry had the following transaction: $130,000 500 Salary Interest income on City of Denver bond Prize won in state lottery Life insurance proceeds paid on the death of her uncle (He was the designated beneficiary under the policy.) Inheritance from uncle 2,000 30,000 25,000 Capital losses 2,600 She also incurred the following expenses during the year: Medical expenses (before the AGI limitation) State and local income taxes State sales tax Real estate taxes $11,000 3,200 1,300 5,000 2,200 Interest paid on qualified residence mortgage (acquisition indebtedness) Automobile loan interest 980 Credit card interest 900 Charitable contributions 3,000 Sherry's employer withheld $13,500 of federal income taxes from paychecks during the year. Sherry has one qualifying child and qualifies to file as a surviving spouse. (Sherry's child meets the eligibility requirements for the child tax credit of $2,000.) Determine Sherry's tax refund or taxes due. During 2019, Sherry had the following transaction: $130,000 500 Salary Interest income on City of Denver bond Prize won in state lottery Life insurance proceeds paid on the death of her uncle (He was the designated beneficiary under the policy.) Inheritance from uncle 2,000 30,000 25,000 Capital losses 2,600 She also incurred the following expenses during the year: Medical expenses (before the AGI limitation) State and local income taxes State sales tax Real estate taxes $11,000 3,200 1,300 5,000 2,200 Interest paid on qualified residence mortgage (acquisition indebtedness) Automobile loan interest 980 Credit card interest 900 Charitable contributions 3,000 Sherry's employer withheld $13,500 of federal income taxes from paychecks during the year. Sherry has one qualifying child and qualifies to file as a surviving spouse. (Sherry's child meets the eligibility requirements for the child tax credit of $2,000.) Determine Sherry's tax refund or taxes due
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