Question
Kae Sato is single and lives at 5411 Melbourne Avenue, Chicago, IL 60455. She is a supervisor, and her SSN is 412-34-5670. Using the following
Kae Sato is single and lives at 5411 Melbourne Avenue, Chicago, IL 60455. She is a supervisor, and her SSN is 412-34-5670. Using the following information, complete her tax return for 2023: Kimber Company W-2:Gross $ 90,000, Social security tax 5,580, Medicare tax 1,305, Federal withholding tax 15,700, State withholding tax 2,700. Lee Company W-2:Gross $ 22,500, Social security tax 1,395, Medicare tax 326, Federal withholding tax 2,300, State withholding tax 600. Kai has the following itemized deductions: Real estate tax $ 7,438. Mortgage interest 8,195. Charitable contributions 3,250. Kai has the following investments:1099-INT $ 2,510, 1099-DIV Ordinary dividends 2,564, Qualified dividends 1,974, Capital gain distribution 4,711, 2019 short-term loss carryover (1,000) Kai also has received a gift 2,000 shares of FNP Incorporated stock from her Aunt Jane on January 19, 2022. The basis of the shares to Aunt Jane was $4,300, and they had an FMV of $4,600 on the date of the gift. Aunt Jane purchased the stock on December 30, 2020. On June 30, 2022, Kai sold all the shares for $6,000. Kai is an avid stamp collector and purchased a rare stamp on March 20, 2012, for $4,000. Kai sold the stamp for $6,000 on April 8, 2022. Prepare Form 1040 and all related schedules, form and worksheets for 2022. Kai does not donate to the presidential election campaign. Kai is a manager at Kimber Company and had qualifying health care coverage at all times during the tax year.
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