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Hello, This is for a taxation class.... the problem is the following: Ch 5 Tax Return CP.05.02A X Instructions Comprehensive Problem 5-2A Bea Jones (birthdate
Hello,
This is for a taxation class.... the problem is the following:
Ch 5 Tax Return
- CP.05.02A
- X
- Instructions
- Comprehensive Problem 5-2A
- Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2016. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea's Social Security number is 466-78-7359 and she is single. Her earnings and income tax withholding for 2017 for her job as a manager at a Florida shrimp-processing plant are:
- Earnings from the Gulf Shrimp Co.$42,325Federal income tax withheld6,200State income tax withheld0Bea's other income includes interest on a savings account at Beach National Bank of $2,175 and $620 per month alimony from her ex-husband.
- During 2017, Bea paid the following amounts (all of which can be substantiated):
- Home mortgage interest$8,680Auto loan interest2,300State sales tax820Property taxes on personal residence3,233Unreimbursed hospital bills3,250Doctor bills2,612Other deductible medical expenses720Income tax preparation fee600Job-hunting expenses925Union dues800In July 2017, someone broke into Bea's house and stole a diamond ring she had purchased in 2004. The diamond ring had a fair market value of $9,600 and a tax basis to Bea of $8,000. The ring was uninsured.
- Required:
- Complete Bea's Form 1040 and Schedules A and B and Form 4684.
- Make realistic assumptions about any missing data.
- Enter all amounts as positive numbers.
- If an amount box does not require an entry or the answer is zero, enter "0".
- If required round any dollar amount to the nearest dollar.
In the form 1040 line 40 Tax, request 44Tax(see instructions). Check if any from:a Form(s) 8814b Form 4972c
but I don't see where they provide information for this part here....
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