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individual tax return question. about irs and 1099form issue Facts Jane Jones is a senior manager at Very Fake Corporation. Her W-Z is attached. 0

individual tax return question. about irs and 1099form issue

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Facts Jane Jones is a senior manager at Very Fake Corporation. Her W-Z is attached. 0 Note that code 00 in box 12a indicates that her employer paid $5,000 towards Jane's health insurance premiums during 2018 (completely separate from her salary in box 1). That was two thirds of Jane's health insurance premiums for the year. Jane paid the other third herself. o In addition to her share of the health insurance premiums Jane also paid $300 in copays for her doctor visits and prescriptions. Jane had a variety of stock sales during the year. Rather than providing a separate 1099-8 for each transaction her broker provided the relevant information in list form, also attached. Jane also sold some personal assets in 2018. She received $10,000 for her personal car, originally purchased in 2012 for $25,000. She received $4,000 for some personal furniture, originally purchased in 2016 for $3,000. Jane received a $500 dividend from Blue Inc. (a U.S. corporation) in February. Jane bought a house last year so she has a mortgage. Her 1098 from the bank is attached. Jane also has a savings account at the same bank. Her 1099~iNT for the interest income from that account is attached. Jane received a $300 refund related to her 2017 Virginia income taxes in June 2018. Jane took the standard deduction on her 2017 federal income tax return. Jane contributed $200 to her favorite public charity during 2018. Jane paid $600 in student loan interest during 2018. Jane provides over half of the support for her mother, Joan, who lives in Florida. Joan's only income in 2018 was $10,000 of social security benefits. As part ofJoan's support Jane paid the following expenses in 2018: 0 Food: $2,400 Utilities: $2,000 Home repairs: $3,800 Doctor visit copays: $3,000 Prescription copays: $2,000 Amounts paid related to surgery Joan had during 2018: $6,000 Jane also owns a vacation home in North Carolina. It was compietely destroyed by a hurricane {which was a federaliy declared disaster) during 2018. Jane originally paid $240,000 for the house, but its fair market value immediately before the hurricane was $390,000. Jane received $225,000 in insurance proceeds. 00000

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