Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with this please Instructions Form 1040 Schedule 1 Schedule 3 Schedule A Schedule B Schedule D Form 8949 Schedule E Form 8995

I need help with this please

image text in transcribedimage text in transcribed
Instructions Form 1040 Schedule 1 Schedule 3 Schedule A Schedule B Schedule D Form 8949 Schedule E Form 8995 Form 8582 Instructions Note: This problem is for the 2019 tax year. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta has never owned or used any virtual currency. She does not want to contribute $3 to the Presidential Election Campaign Fund. Roberta, an advertising executive, earned a salary from ABC Advertising of $80,000 in 2019. Her employer withheld $9,000 in Federal income tax and $3,100 in state income tax. Roberta has legal custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deductions for the children. Jason lives with his father during summer vacation. Wayne indicates that his expenses for Jason are $5,500. Roberta can document that she spent $6,500 for Jason's support during 2019. In prior years, Roberta gave a signed Form 8332 to Wayne regarding Jason. For 2019, she has decided not to do so. Roberta provides all of June's support. Roberta's mother died on January 7, 2019. Roberta inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Roberta received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Roberta's favorite aunt gave her $13,000 for her birthday in October. On November 8, 2019, Roberta sells for $22,000 Amber stock that she had purchased for $24,000 from her first cousin, Walt, on December 5, 2013. Walt's cost basis for the stock was $26,000, and the stock was worth $23,000 on December 5, 2015. On December 1, 2019, Roberta sold Falcon stock for $13,500. She had acquired the stock on July 2, 2015, for $8,000. An examination of Roberta's records reveals that she received the following: . Interest income of $2,500 from First Savings Bank. . Groceries valued at $750 from Kroger Groceries for being the 100,000th customer. Qualified dividend income of $1,800 from Amber. . Interest income of $3,750 on City of Springfield school bonds. Alimony of $16,000 from Wayne; divorce finalized in May 2015. . Distribution of $4,800 from ST Partnership. Her distributive share of the partnership passive taxable income was $5,300. She had no prior passive activity losses. Assume that the qualified business income deduction applies and the W-2 wage limitation does not. From her checkbook records, she determines that she made the following payments during 2019: . Charitable contributions of $4,500 to First Presbyterian Church and $1,500 to the American Red Cross (proper receipts obtained). . Paid $5,000 to ECM Hospital for the medical expenses of a friend from work. Mortgage interest on her residence of $7,800 to Peoples Bank.0 Property taxes of $3,200 on her residence and $1,100 (ad valorem) on her car. $300 for landscaping expenses for residence. 9 Estimated Federal income taxes of $2,800 and estimated state income taxes of $1,000. 0 Medical expenses of $5,000 for her and $300 for Jason. In December, her medical insurance policy reimbursed $1,500 of her medical expenses. She had full-year health care coverage. 1 A $1,000 ticket for parking in a handicapped space. 0 Attomey's fees of $500 associated with unsuccessfully contesting the parking ticket. 0 Contribution of $250 to the campaign of a candidate for governor. muse she did not maintain records of the sales tax she paid, she calculates the amount from the sales tax table to be $994. qulred: Iculate Roberta's net tax payable or refund due for 2019. Enter all amounts as positive numbers. However, use the minus sign to indicate a loss. If an amount box does not require an entry or the answer Is zero, enter \"0". Flake realistic assumptions about any missing data. It may be necessary to complete the tax schedulu before completing Form 1040. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. 1 Use the Tax Rate Schedule provided. lilo not use the Tax Tables

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 1-9

Authors: James Heintz

22nd Edition

1305888537, 978-1305666184

More Books

Students also viewed these Accounting questions

Question

2. What we can learn from the past

Answered: 1 week ago

Question

2. Develop a good and lasting relationship

Answered: 1 week ago