Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In this situation is there any additional income for schedule 1? (part 1&2) and what is the answer for line 4a and 4b? PROBLEM #

image text in transcribed
image text in transcribed
image text in transcribed
In this situation is there any additional income for schedule 1? (part 1&2)
and what is the answer for line 4a and 4b?
PROBLEM \# 2: Ron Jackson, S.S.\# 260-45-1896, age 51, an unmarried taxpayer with no dependent children, is a geneticist for Emory University. He lives at 1956 Westside Place, Dunwoody, Ga. 30338. He had the following income for 2025: Ordinary Dividends from AT\&T $1,492 All of the dividends from AT\&T are qualified dividends. Additional Information: 1. Ron is covered under Emory's 401(k) retirement plan and contributed $8,000 to the plan for 2022. 2. Ron contributed $7,000 to his Traditional IRA for 2022 on April 13, 2022. 3. The IRA basis for all prior years was $15,540 as of December 31,2022 . 4. During 2022, Ron paid 100% of the support of his mother, Maria Jackson. Maria is age 73, unmarried, and had $3,699 of gross income during 2022. Maria is currently a citizen and resident of Madrid, Spain and lives there in a condo provided to her by Ron. Ron pays all of the costs associated with this condo. 5. Ron decided to begin work on his PhD (doctorate degree) in genetics during 2022. He paid $4,200 for tuition, and $950 for books reported on his 1098-T, to Phoenix University during 2022. (Phoenix University 8200 Roberts Drive Sandy Springs, GA 30350 EIN 27-5412350) Required: Please complete Mr. Jackson's 2022 Form 1040, with all necessary forms, schedules and worksheets. screcene 1 Additional Income and Adjustments to Income For D

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

Intermediate Accounting 2007 FASB Update Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

12th Edition

0470128755, 978-0470128756

More Books

Students also viewed these Accounting questions