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help... I am stuck on this. I was able to do the 1040 and Schedules A and B but need help with the rest please.
help... I am stuck on this. I was able to do the 1040 and Schedules A and B but need help with the rest please. Harold J. Milton (SSN 000-22-1111) is unmarried filing single with no dependents. He had the following income and deductions for 2011: Salary $177,000 State income taxes 18,000 Interest income from bank 12,000 Mortgage interest expense on residence 19,000 Dividend income (qualified) 18,000 Deductible IRA contribution 5,000 Interest expense on car loan 3,000 Tax-exempt interest from municipal bonds 24,000 Real estate taxes on residence 2,000 Charitable contributions 27,000 Miscellaneous deductionsother (before the 2% AGI floor) 7,000 Income taxes withheld 20,000 Estimated tax payments ($2,500 per quarter) 10,000 Complete Miltons 2011 Form 1040, Schedule A, B, D, Form 6251, and Form 2210. Milton had AGI in 2010 of $200,000 and his 2010 income tax liability was $46,000. (Note: Milton is eligible to use the Short Method on Form 2210.)
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