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Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will
Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will claim head of household for 2018. She has a daughter, Julia, who is 20 years old. Julia is a full-time student. Here are some more tax facts:
- Jenny's SSN is 123-34-4567 and Julia's is 654-32-1234.
- Jenny's address is 100 N. Main St., Atlanta, GA 30301.
- Jenny receives $1,200 per month in alimony from her ex-husband.
- Jenny owns a rental property with the following financial data:
- Rental Revenue - $50,000
- Expenses:
Insurance - $5,000
Repairs - $10,500
Depreciation - $4,000
- Jenny has interest income from corporate bonds of $2,200 and interest from municipal bonds of $1,000.
- Jenny also paid the following expenses: State income taxes of $5,800, charitable contributions of $12,500, and medical expenses of $5,795 for insurance premiums; $1,100 for medical care expenses; $350 for prescription medicine; $100 for nonprescription medicine; and $200 for new contact lenses for Julia.
- Jenny received disability insurance payments of $1,200.
- Jenny runs a small business from her home giving piano lessons to kids on weekends. She had the following transactions from it: total revenue $10,000; office supplies $500; teaching materials and supplies $1050; concerts and field shows $1500; repairs and maintenance of pianos $950; wages to a teaching assistant $1000; payroll taxes $765; business insurance $420; occupational taxes and license $160.
For your final Portfolio Project, submit the following: Form 1040 (Pages 1 and 2, Schedules C, D and SE, Form 8949, Schedule E)..
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