Kofi Allon, who is 32 years old and single, is employed as a technical consultant for a large electronics distributor. He lives at 678 Birch Street, LaMesa, CA 91941. Kofi's Social Security number is 412-34-5670 (date of birth 5/29/1987).

Kofi’s W-2 contained the following information:

Kofi's other income includes interest on a money market account at the San Diego Credit Union of $275 and $265 in interest on a Certificate of Deposit at the Bank of California. He also made alimony payments of $650 per month to his ex-wife for ten months for a divorce agreement that was finalized on February 21, 2020. (Marta Tombe, Social Security number 412-34-5673).

 

In addition, he had the following other expenses for 2020:

In may of 2020, Kofi’s house was broken into and his vintage 1961 Fender Stratocaster guitar was stolen. The guitar had a current fair market value of $15,750, and Kofi had paid $9,000 for the instrument in May of 2008. The guitar was uninsured.

Required:

Prepare a Form 1040 and a Schedule A for Kofi including any appropriate schedules.

Wages (box 1) Federal W/H (box 2) Social security wages (box 3) = Social security W/H (box 4) = Medicare wages (box 5) Medicare W/H (box 6) $ 75,350.62 $ 9,605.43 $ 75,350.62 $ 4,671.74 $ 75,350.62 $ 1,092.58 %3D %3D %3D %3D II