Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John Fuji (birthday june 6, 1979)) moved from California to Washington in December 2015. He lives at 468 Cameo Street, Yakima, WA 98901. Johns Social

John Fuji (birthday june 6, 1979)) moved from California to Washington in December 2015. He lives at 468 Cameo Street, Yakima, WA 98901. Johns Social Security number is 571785974 and he is single. His earnings and income tax withholding for 2014 for his job as a manager at a Washington apple processing plant are:

Earnings from the Granny Smith Apple Co........ $76,500

Federal income tax withheld.............. 9,700

State income tax withheld............... 0

Johns other income includes interest on a Certificate of Deposit at Braeburn National Bank of $1,285. Also, he paid $600 per month alimony to his ex wife+(Dora Fuji, Social Security number 573796075).

During 2014, John paid the following amounts+(all of which can be substantiated):

Home mortgageinterest............. $7,775

Auto loan interest................. 1,575

Credit card interest................ 655

State sales tax.......................1,167

Property taxes on personal residence.......... 2,083

Unreimbursed hospital bills............ 5,250

Doctor bills................... 2,550

Other medical expenses............... 760

Incometax preparationfee.............. 500

Job huntingexpenses................ 925

Cash charitable gift to the Jonagold Research Center... 500

In July 2016, someone broke into Johns house and stole a coin collection. The collection had a fair market value of $11,400 and a tax basis to John of $4,660. The collection was uninsured.

Required:

Complete Johns federaltax returnfor 2016. UseForm 1040, Schedule A, Schedule B, and Form 4684, on Pages 5-53 through 5-57 to complete this tax return. Make realistic assumptions about any missing data.

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

Understanding Financial Accounting

Authors: Christopher D. Burnley

2nd Canadian Edition

1119406927, 978-1119406921

More Books

Students also viewed these Accounting questions

Question

Go, do not wait until I come

Answered: 1 week ago

Question

Make eye contact when talking and listening

Answered: 1 week ago