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I need help with filling out a 1040 form. I have added a word document with the information for Line 7-22. I hope someone can

I need help with filling out a 1040 form. I have added a word document with the information for Line 7-22. I hope someone can help and if so, thank you so much!

image text in transcribed CYNTHIA MOORE - Part 1 Taxpayers: Cynthia Moore, age 40 Family Cynthia is divorced with a son, Tim, age 10, description: a daughter, Denise, age 20. Location: Phoenix, Arizona Employment Cynthia works as an architect for GWD. Her status: salary is $98,000. and The past year was a year of change for Cynthia Moore. After her divorce from Bill Moore, Cynthia assumed sole custody of their 10yearold son, Tim, and their 20year old daughter, Denise. Looking for a fresh start in January, Cynthia quit her job as an architect in Nashville, Tennessee, and moved to Phoenix, Arizona. Cynthia wanted to pursue several promising job opportunities in Phoenix and be close to Denise while she attends the University of Arizona. In late April, Cynthia broke her wrist in a mountain biking accident and was unable to work for two weeks. Thankfully, Cynthia's disability insurance paid her for lost wages during her time away from work. While her personal life has been in disarray, Cynthia's financial prospects have been improving. Shortly after arriving in Phoenix, Cynthia was fortunate to land a job as an architect with Green World Design (GWD). GWD provided Cynthia the following compensation and benefits this year: Salary $98,000. GWD paid $6,000 this year for Cynthia's health insurance premiums and $150 in premiums for her $40,000 groupterm life insurance policy. Contribution of 10 percent of her base salary to her qualified retirement account. At the beginning of January, GWD provides Cynthia with a $100,000 zero interest loan. Assume that the applicable federal interest rate (compounded semiannually) is 4 percent. Cynthia used the loan proceeds to acquire several personaluse assets (an automobile and other items). Because GWD wants to keep Cynthia as an employee, it agreed to forgive $10,000 of loan principal at the end of each year that Cynthia stays on board. On December 31 of this year, GWD formally cancels $10,000 of Cynthia's indebtedness. As part of her compensation package, GWD agreed to provide Cynthia with GWD architectural design services at a substantial discount. GWD provided Cynthia with services valued at $35,000 but charged her only $22,000 for the services. Cynthia is a cashmethod taxpayer. Based on her outstanding performance, Cynthia earned a $4,800 yearend bonus. On December 28, Cynthia's supervisor told her that her bonus was issued as a separate check and that Cynthia could pick up the check in the accounting office anytime. Cynthia did not pick up the check until January 2 of next year, and she did not cash it until late January. Cynthia also received other payments unrelated to her employment with GWD as follows: As required by the divorce decree, Al made $10,000 in child support payments during the year to Cynthia to help her support Tim. In addition to paying child support, under the divorce decree Al is required to pay Cynthia $20,000 cash each year until she dies. Cynthia earned and received $19,500 of fees from consulting work she did on weekends independent of her employment with GWD. She incurred $1,500 of miscellaneous expenses for supplies and transportation while doing the consulting work. Cynthia owns 1,000 shares of GE stock that she registered in a dividend reinvestment plan. Under this plan, all dividends are automatically used to purchase more shares of the stock. This year, GE declared and paid $700 in dividends on Cynthia's stock. Cynthia had a total of $567 of interest credited to her savings account and $50 credited to her checking account during the year. Cynthia owns a condo in town that she rents to tenants. This year, the condo generated $14,000 of rental revenue. Cynthia incurred $4,000 in real estate taxes, $2,500 in utility expenses, $500 in advertising expenses, and $2,000 of depreciation and other expenses associated with the rental. In 2014 Cynthia paid $3,500 in Tennessee state income taxes, and she included this payment with other itemized deductions when she filed her federal income tax return in March of 2015. Cynthia filed her 2014 federal return as a head of household and claimed $15,500 of itemized deductions. She also filed an Tennessee state income tax return in March of 2015 and discovered she only owed $3,080 in Tennessee income tax for 2014. Hence, Cynthia received a $420 refund of her Tennessee income tax in June of 2015. As part of the divorce agreement, Al transferred his interest in their joint residence to Cynthia. The couple did not have any outstanding debt on the home. At the time of the divorce, the home was valued at $500,000 and Al's share was valued at $250,000. Cynthia holds a $10,000 City of Nashville municipal bond. The bond pays 5 percent interest annually. Cynthia acquired the bond a few years ago. The city used the proceeds from the bond issuance to help pay for renovations on a major league baseball stadium. In late December, Cynthia received $500 of interest income from the bond for the year. Cynthia purchased disability insurance last year. In late April of this year, she broke her wrist in a mountain biking accident and could not work for two weeks. Cynthia's doctor bills totaled $2,000, of which $1,600 were reimbursed by her health insurance purchased by GWD. Courtney also received $600 for lost wages due to the accident from her disability insurance policy. Question: Calculate Cynthia's GROSS INCOME on line 22 of Form 1040. You must list the income on lines 7 through 21 and completely explain/show your calculations for each. Line 7: Line 8a: Line 8b: Line 9a: Line 9b: Line 10: Line 11: Line 12: Line 13: Line 14: Line 15a: Line 15b: Line 16a: Line 16b: Line 17: Line 18: Line 19: Line 20a: Line 20b: Line 21: Line 22

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