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Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,700 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,450 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,050 for the surgery (she received no insurance reimbursement). She also incurred $470 of other medical expenses for the year. c. SD withheld $1,850 of state income tax, $7,545 of Social Security tax, and $14,700 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $270 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,350. e. Shauna paid $3,250 of property taxes on her personal residence. She also paid $520 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $220 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan in the amount of $230,000 that she secured when she purchased her home. The home is worth about $410,000. Shauna paid interest of $12,500 on the loan this year. h. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,200 and her basis in the shares was $480. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $320 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $520 and Shauna's basis in the items was $320. Shauna had every reason to believe the church would keep 2 h. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,200 and her basis in the shares was $480. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $320 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $520 and Shauna's basis in the items was $320. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,250 of services to her church last year. i. Shauna paid $270 in investment advisory fees and another $170 to have her tax return prepared (that is, she paid $170 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,550 in prize money and incurred $12,000 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,050 in gambling losses over the year (mostly horse-racing bets) and had only $220 in winnings. b-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGI is $217,000. (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2021 tax rules regardless of year on form.) Shauna's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Shauna Coleman: 111-11-1111 Department of the Treasury-Internal Revenue Service (99) Form 1040 U.S. Individual Income Tax Return 2020 OMB No 1545-0074 IRS Use Only-Do not write or staple in this sp - Filing Status Single Married filing powthy Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW Check only If you checked the MFS box enter the name of your spouse If you checked the HOH Dr QW box, enter the child's name if the qualifying person is one box a chik but not your dependent Your first name and middle initial Last name Your social security nurt I joint return, spouse's first name and middle initial It Spouse's social security n Last name Home address (number and street) it you have a PO box see instructions , + Apt no Presidential Election Cam Cry, town, or post office if you have a foreign address also complete spaces below State ZIP code Check here if you, or your spouse if filin to go to this fund. Checking a box belon your tax or refund Foreign country name Foreign province/state/county Foreign postal code You Spouse ONO Yes At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction In some itemizes on a seratate con un or on were a ditah stahis alien d Prey 1 2 2 of 2 DHE HE Next > mment #3 3 1 Saved Help Save & Exit Submit Check my work -ntial Election Cam Required information City, town, or post office if you have a foreign actress, atso complete spaces below , . a State ZIP code www.why, or your spouse iffin ur your spouse to go to this lund. Checking a box below . your tax or refund Foreign country name Foreign province/state county Foreign postal code You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes ONO Standard Someone can claim You as a dependent Your spouse as a dependent Deduction Spouse terraizes on a separate return or you were a dual status alien Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 Is blind Dependents (see instructions) (2) Social security number (3) Relationship to you (4) Vit qualifies for (see instr (1) First name 1 Last name Child tax credit Credit for of If more than four dependents, see + instructions and check O here 0 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 , (-2 Attach Sch B 2a Tax-exempt interest 2a b Taxable interest 2b required 3a Qualified dividends b Ordinary dividends 361 4a IRA distributions 4a b Taxable amount 46 5a Pensions and annuities 5a b Taxable amount 55 Prey 2 1 2 of 2 BH E Next > Required information 1 1 Wages, salaries, tips, etc Attach Form(s) W-2 za b Taxable interest 2b 2a Tax-exempt interest 12 Attach Sch B required 3a 36 3a Qualified dividends 4a 4b 4a IRA distributions b Ordinary dividends b Taxable amount b Taxable amount b b Taxable amount 5a 5b 5a Pensions and annuities 6b 6a Social security benefits 7 7 Capital gain or loss) Attach Schedule Dil required. If not required, check here 8 ook 8 Other income from Schedule 1, line 9 9 9 Add lines 1.25, 35, 46, 55, 6, 7, and 8. This is your total income rences 10 Adjustments to income + 10a a From Schedule 1 Ime 22 Standard Deduction for Single or Married fing separately $12.400 Married fing jointly or Qualifying widowier) $24.800 - Head of household $18,650 If you checked any box under Standard Deduction see instructions 100 b Charkable contributions if you take the standard deduction See instructions 10c 11 C Add lines 10a and 106. These are your total adjustments to income 11 Subtract line 10c from line 9 This is your adjusted gross income 12 Standard deduction or remized deductions (from Schedule A) 12 13 13 Qualified business income deduction. Attach Form 1995 or Form 8995-A 14 Add lines 12 and 13 14 15 15 Taxable income Subtract line 14 from line 11 If zero or less, enter -0- RAR Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,700 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,450 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,050 for the surgery (she received no insurance reimbursement). She also incurred $470 of other medical expenses for the year. c. SD withheld $1,850 of state income tax, $7,545 of Social Security tax, and $14,700 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $270 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,350. e. Shauna paid $3,250 of property taxes on her personal residence. She also paid $520 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $220 property tax based on the state's estimate of the value of her car. g hauna has a home mortgage loan in the amount of $230,000 that she secured when she purchased her home. The home is worth about $410,000. Shauna paid interest of $12,500 on the loan this year. h. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,200 and her basis in the shares was $480. Shauna originally bought the ZYX Corporation stock in 2009. Shaund also contributed $320 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $520 and Shauna's basis in the items was $320. Shauna had every reason to believe the church would keep CL Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $270 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,350. e. Shauna paid $3,250 of property taxes on her personal residence. She also paid $520 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $220 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan in the amount of $230,000 that she secured when she purchased her home. The home is worth about $410,000. Shauna paid interest of $12,500 on the loan this year. h. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,200 and her basis in the shares was $480. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $320 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $520 and Shauna's basis in the items was $320. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,250 of services to her church last year. i. Shauna paid $270 in investment advisory fees and another $170 to have her tax return prepared (that is, she paid $170 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,550 in prize money and incurred $12,000 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,050 in gambling losses over the year (mostly horse-racing bets) and had only $220 in winnings. Assignment #3 i Saved Help WILLYS. b-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGI is $217,000. (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numb EXACTLY as they appear in any given information or Problem Statement. Use 2021 tax rules regardless of year on form.) Shauna's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Shauna Coleman: 111-11-1111 Form 1040 Page 1. Department of the Treasury-Internal Revenue Service (99) Form 1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this sp Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MES box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is one box a child but not your dependent Your first name and middle initial Last name Your social security nur If joint return, spouse's first name and middle initial Last name Spouse's social security n Home address (number and street). If you have a PO box, see instructions Apt. no Presidential Election Cam City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code Check here if you, or your spouse if filin to go to this fund. Checking a box below your tax or refund. Foreign country name Foreign province/state/county Foreign postal code You At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Spouse ONO Yes Home address (number and street). If you have a PO box, see instructions Apt. no. Presidential Election Camp City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code Check here it you, or your spouse if filing to go to this fund. Checking a box below your tax or refund Foreign country name Foreign province/state/county Foreign postal code You Spouse 3 Yes INo At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Standard Someone can claim You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual status alien Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: ces Is blind Was born before January 2, 1956 (3) Relationship to you (2) Social security number (4) y if qualifies for (see instru (see instructions Dependents + Child tax credit Credit for oth (1) First name Last name If more than four dependents, see instructions and check here oliolo OOOO 1 Wages, salaries, tips, etc. Attach Forms) W-2 25 2a| b Taxable interest 2a Tax-exempt interest Attach Sch. Bit Required information 1 Wages, salaries, tips etc Attach Form(s) W-2 1 2a Tax-exempt interest 2a b Taxable interest 2b Attach Sch. Bit required 3a Qualified dividends 3a b Ordinary dividends 3b 4a IRA distributions 4a b Taxable amount 45 5a Pensions and annuities 5a b Taxable amount 55 6a Social security benefits 6a b Taxable amount 6b 7 Capital gain or loss) Attach Schedule D if required. If not required, check here 7 8 Other income from Schedule 1 line 9 8 9 9 Add lines 1, 2, 3, 4, 5b, 6b, 7, and 8. This is your total income 10 Adjustments to income: a From Schedule 1, line 22 10a Standard Deduction for- Single or Married filing separately, $12,400 Married filing jointly or Qualifying Widow(er) $24.800 + Head of household $18,650 If you checked any box under Standard Deduction see instructions 10b b Charitable contributions if you take the standard deduction. See instructions 10C c Add lines 10a and 10b. These are your total adjustments to income 11 11 Subtract line 10c from line 9. This is your adjusted gross income 12 12 Standard deduction or itemized deductions (from Schedule A) 13 13 Qualified business income deduction Attach Form 1995 or Form 1995-A 14 14 Add lines 12 and 13 15 | 15 Taxable income. Subtract line 14 from line 11. If zero or less enter =0