Question
Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. His W-2 for 2016 shows
Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. His W-2 for 2016 shows gross wages of $92,600 with $5,741 of social security and $1,343 of Medicare taxes withheld. He has $17,047 of federal withholding and $2,595 in state withholding. Jorge does not itemize. He had the following stock transactions for the year:
Stock Shares | Date Purchased | Date Sold | Sale Price | Cost Basis | |||||||
5,500 | 7/8/15 | 9/21/16 | $ | 15,000 | $ | 18,000 | |||||
800 | 3/12/16 | 10/21/16 | 43,000 | 47,000 | |||||||
2,800 | 2/13/09 | 10/21/16 | 30,000 | 22,000 | |||||||
He also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in ordinary dividends, of which $1,350 are considered qualified dividends.
Prepare a 2016 Form 1040 for Jorge and all related schedules and forms. Jorge had qualifying health care coverage at all times during the tax year.
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