Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, I need to use all of this to fill out IRS Forms 1040, 8949, Schedule A and D. Individual Tax Return Required: . Use

image text in transcribed

image text in transcribed

Hello,

I need to use all of this to fill out IRS Forms 1040, 8949, Schedule A and D.

Individual Tax Return Required: . Use the following information to complete Rhonda Hill's 2019 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. . Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in the home. Mabel is retired and receives $2.400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information: . Rhonda does not want to contribute to the presidential election campaign. Rhonda lives at 1234 Blue Ridge Way, Tulsa, Oklahoma 74101. Rhonda's birthday is 12/18/1955 and her Social Security number is 335-67-8910. Mabel's birthday is 11/2/1946 and her Social Security number is 566-77-8899. Rhonda does not have any foreign bank accounts or trusts. Rhonda did not acquire, sell, or exchange virtual currency in 2019. 2. Rhonda received a Form W-2 from Carter and Associates (her employer) that contained the following information: . Line I Wages, tips, other compensation Line 2 Federal income tax withheld Line 3 Social Security wages Line 4 Social Security tax withheld Line 5 Medicare wages and tips Line 6 Medicare tax withheld Line 16 State wages, tips, etc Line 17 State income tax Carter and Associates address is 1234 CPA Way Tulsa, Oklahoma 74101, its FEIN is 91:0001002; and its State ID number is 123456678 $72.000 7.800 72.000 4,464 72.000 1,044 72.000 2.700 3. Rhonda received $250 in interest from Tulsa City bonds. $120 interest from IBM bonds. and S15 from her savings account at UCL Credit Union. She also received a $460 I dividend from Huggies Company and $500 from Bicker Corporation. Both dividends are qualified dividends. 4. Rhonda sold 200 shares of DM stock for $18 a share on June 15, 2019. She purchased the stock on December 12, 2013, for $10 a share. She also sold 50 shares of RSA stock for $15 a share on October 2, 2019. She purchased the stock for $65 a share on February 2, 2019. Stock basis amounts have been reported to the IRS. 5. The following is a record of the medical expenses that Rhonda paid for herself during the year. The amounts reported are amounts she paid in excess of insurance reimbursements. Rhonda drove 210 miles for medical purposes in 2019. Insurance premiums Prescription medications Over-the-counter medications Doctor and dentist visits Eyeglasses Physical therapy $3.700 100 250 1,450 300 200 6. Rhonda paid $6,800 in mortgage interest during the year to UCU credit union (reported to her on Form 1098). She also paid $1,240 in real property taxes during the year. 7 Rhonda contributed $5.400 to Heavenly Church during the year. Heavenly Church's address is 1342 Religion Way, Tulsa, Oklahoma 74101, Individual Tax Return Required: . Use the following information to complete Rhonda Hill's 2019 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. . Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in the home. Mabel is retired and receives $2.400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information: . Rhonda does not want to contribute to the presidential election campaign. Rhonda lives at 1234 Blue Ridge Way, Tulsa, Oklahoma 74101. Rhonda's birthday is 12/18/1955 and her Social Security number is 335-67-8910. Mabel's birthday is 11/2/1946 and her Social Security number is 566-77-8899. Rhonda does not have any foreign bank accounts or trusts. Rhonda did not acquire, sell, or exchange virtual currency in 2019. 2. Rhonda received a Form W-2 from Carter and Associates (her employer) that contained the following information: . Line I Wages, tips, other compensation Line 2 Federal income tax withheld Line 3 Social Security wages Line 4 Social Security tax withheld Line 5 Medicare wages and tips Line 6 Medicare tax withheld Line 16 State wages, tips, etc Line 17 State income tax Carter and Associates address is 1234 CPA Way Tulsa, Oklahoma 74101, its FEIN is 91:0001002; and its State ID number is 123456678 $72.000 7.800 72.000 4,464 72.000 1,044 72.000 2.700 3. Rhonda received $250 in interest from Tulsa City bonds. $120 interest from IBM bonds. and S15 from her savings account at UCL Credit Union. She also received a $460 I dividend from Huggies Company and $500 from Bicker Corporation. Both dividends are qualified dividends. 4. Rhonda sold 200 shares of DM stock for $18 a share on June 15, 2019. She purchased the stock on December 12, 2013, for $10 a share. She also sold 50 shares of RSA stock for $15 a share on October 2, 2019. She purchased the stock for $65 a share on February 2, 2019. Stock basis amounts have been reported to the IRS. 5. The following is a record of the medical expenses that Rhonda paid for herself during the year. The amounts reported are amounts she paid in excess of insurance reimbursements. Rhonda drove 210 miles for medical purposes in 2019. Insurance premiums Prescription medications Over-the-counter medications Doctor and dentist visits Eyeglasses Physical therapy $3.700 100 250 1,450 300 200 6. Rhonda paid $6,800 in mortgage interest during the year to UCU credit union (reported to her on Form 1098). She also paid $1,240 in real property taxes during the year. 7 Rhonda contributed $5.400 to Heavenly Church during the year. Heavenly Church's address is 1342 Religion Way, Tulsa, Oklahoma 74101

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

Entrepreneurial Finance And Accounting For High-Tech Companies

Authors: Frank J Fabozzi

1st Edition

0262336901, 9780262336901

More Books

Students also viewed these Finance questions

Question

=+a. Does it flow? (Can anyone read it out loud without stumbling?)

Answered: 1 week ago

Question

=+e. Does it use simple language, not technical jargon?

Answered: 1 week ago