Question
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
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).
Kofis W-2 contained the following information:
Wages (box 1) = | $ 75,350.62 |
---|---|
Federal W/H (box 2) = | $ 9,605.43 |
Social security wages (box 3) = | $ 75,350.62 |
Social security W/H (box 4) = | $ 4,671.74 |
Medicare wages (box 5) = | $ 75,350.62 |
Medicare W/H (box 6) = | $ 1,092.58 |
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:
Home mortgage interest | $ 7,670 |
---|---|
Auto loan interest | 1,325 |
Credit card interest | 730 |
Property taxes on personal residence | 2,342 |
State income taxes | 2,050 |
Unreimbursed hospital bills | 6,300 |
Doctor bills | 2,760 |
Other qualifying medical expenses | 725 |
Income tax preparation fee | 425 |
Job-hunting expenses | 925 |
Cash donations to his mosque (made ratably over the year and no single contribution was greater than $250) | 885 |
In may of 2020, Kofis 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. (Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within the forms.)
Use the appropriate Tax Tables.
show working and prepare 1040 and schedula A
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