Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor and

Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor and his 2019 W2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. He has $14,500 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 7/8/18 9/12/19 $ 15,000 $ 18,000
800 3/12/19 10/21/19 43,000 47,000
2,800 2/13/12 10/21/19 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 received from ABC brokerage, of which $1,350 are considered qualified dividends.

Required:

Prepare a 2019 Form 1040 for Jorge and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. (Instructions can be found on certain cells within the forms. Input all the values as positive numbers.)

Use the appropriate Tax Tables and Tax Rate Schedules.

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_2

Step: 3

blur-text-image_3

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

Foundations In Personal Finance

Authors: Dave Ramsey

College Edition

1936948001, 978-1936948000

More Books

Students also viewed these Finance questions

Question

Divide each expression. (a) 4a-8a + 12 4a (b) 2x - 4x + 1 x-1

Answered: 1 week ago