Question
Please complete the 2019 Form 1040 (Stop after completing Line 12a), Schedule-1 and Schedule A for the taxpayer: Julie Anderson is a single parent and
Please complete the 2019 Form 1040 (Stop after completing Line 12a),
Schedule-1 and Schedule A for the taxpayer:
Julie Anderson is a single parent and lives with her dependent daughter Alice who is 17-years old. Julie is a project manager and her W-2 wage is $75,200. Julie's father passed away on April 14. She inherited cash of $50,000 from her father and his baseball card collection, valued at $2,000. Every year she also receives interest income from a trust fund, which does not invest in municipal bonds or other tax-exempt securities. She took the standard deduction on her 2018 federal tax return.
Her 2019 filing status is head of household. She also has the following items for 2019:
Interest income from the trust fund. $2,000
Ordinary dividend income.....................................................$500
(All the dividends are qualified for the 15% tax rate)
She also bought 50 shares Apple Inc. stock (AAPL) when the price was $100 per share. AAPL's market closing price for December 2019 is $250 per share.
During the year she went to Vegas and won $ 1,300 in a poker game. However, she lost $2,000 at other casinos. She also provided the following information:
Illinois state income tax refund.. $ 250
Federal income tax refund $2,400
Child support from her ex-husband.. $6,000
Alimony payment from her ex-husband. Their divorce was finalized on August 15, 2019..$12,000
During the year she received $4,000 insurance payout from AFLAC due to a temporary disability. She bought the insurance policy herself.
In addition, she also provided the following information:
State income tax withheld from her paycheck. .$ 3,200
Federal income tax withheld from her paycheck. $ 9,000
Social security tax paid as an employee............. $ 5,640
Home mortgage loan interest $ 5,500
Real estate tax on her house $ 4,000
Personal-use car loan interest.. $ 2,000
She also paid $2,000 of qualified student loan interest.
Ms. Anderson had a medical procedure and incurred qualified medical costs of $30,000. Her health insurance policy pays 80% of the medical cost and Julie paid the remaining 20% out of her own pocket.
Her car was completely damaged in hurricane Hana, a federally declared natural disaster. Before the disaster the car has a fair market value of $12,000. She bought the car for $25,000 when it was new.
PLEASE ANSWER THIS 3 QUESTION FROM THE ABOVE INFO
Question 1 (6 points) Form 1040 Line 1 (W-2 wages, enter without comma or $) A Question 2 (3 points) Taxable interest on 1040 Line 2b AM Question 3 (2 points) 1040 Line 3a AStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started