Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fill out 1040 form Julie Anderson is a single parent and lives with her dependent daughter Alice who is 17-years old. Julie is a project

Fill out 1040 form

Julie Anderson is a single parent and lives with her dependent daughter Alice who is 17-years old. Julie is a project manager and her W-2 wage is $75,200. Julie's father passed away on April 14. She inherited cash of $50,000 from her father and his baseball card collection, valued at $2,000. Every year she also receives interest income from a trust fund, which does not invest in municipal bonds or other tax-exempt securities. She took the standard deduction on her 2018 federal tax return. Her 2019 filing status is head of household. She also has the following items for 2019: Interest income from the trust fund. $2,000 Ordinary dividend income.....................................................$500 (All the dividends are qualified for the 15% tax rate) She also bought 50 shares Apple Inc. stock (AAPL) when the price was $100 per share. AAPL's market closing price for December 2019 is $250 per share. During the year she went to Vegas and won $ 1,300 in a poker game. However, she lost $2,000 at other casinos. She also provided the following information: Illinois state income tax refund.. $ 250 Federal income tax refund $2,400 Child support from her ex-husband.. $6,000 Alimony payment from her ex-husband. Their divorce was finalized on August 15, 2019..$12,000 During the year she received $4,000 insurance payout from AFLAC due to a temporary disability. She bought the insurance policy herself. In addition, she also provided the following information: State income tax withheld from her paycheck. .$ 3,200 Federal income tax withheld from her paycheck. $ 9,000 Social security tax paid as an employee............. $ 5,640 Home mortgage loan interest $ 5,500 Real estate tax on her house $ 4,000 Personal-use car loan interest.. $ 2,000 She also paid $2,000 of qualified student loan interest. Ms. Anderson had a medical procedure and incurred qualified medical costs of $30,000. Her health insurance policy pays 80% of the medical cost and Julie paid the remaining 20% out of her own pocket. Her car was completely damaged in hurricane Hana, a federally declared natural disaster. Before the disaster the car has a fair market value of $12,000. She bought the car for $25,000 when it was new.

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, Chapters 1- 15

Authors: James A. Heintz, Robert W. Parry

23rd Edition

0357391942, 9780357391945

More Books

Students also viewed these Accounting questions