Question
John A. Smith is a married 45 year old (Social Security #123-45-6789) residing at 123 Main Street, Naples, FL 34109. Johns wife is Lisa B.
John A. Smith is a married 45 year old (Social Security #123-45-6789) residing at 123 Main Street, Naples, FL 34109. Johns wife is Lisa B. Smith 42 years old (Social Security #987-65-4321) and John and Lisas daughter is Jennifer C. Smith 20 years old (Social Security #123-89-4567). J
ohn and Lisa are both the Technology Managers for New Company. They have the following items.
Salaries 200,000
Interest income from Disneys bond 1,100
Interest income from municipal bond 500
Ordinary dividends from Pear Inc. (a private C Corporation) 1,500
Child support payments to Mike Biddle 6,000
Alimony payments to Mike Biddle 6,000
Lottery winnings 1,000
Federal income tax withholding 15,000
Lisa was previously married to Mike Biddle, they divorced several years ago (prior to 2018). Under the divorce decree, Lisa was obligated to pay alimony to Mike. John and Lisa each contributed $3,000 into Traditional IRAs. John inherited publicly traded stock worth $30,000 from a deceased uncle on September 30, 2021.
Jennifer, the daughter, played a role in one TV show and earned $5,000. Because of her excellent academic record as a college student, she was awarded with a scholarship that waives her tuition of $6,000 per semester. Prepare the 2021 Federal income tax return for Johns household.
Submit the following 1040, Schedule 1, Schedule B, an explanation for line items which require calculation on the return,
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