Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Maribel Gomez is a single taxpayer, SSN 412-34-5670, living at 5037 Circle Court, Crestview, IL 60543. Maribel is a supervisor and whose 2022 W-2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. Maribel has $14,500 of federal withholding and $2,595 in state withholding, does not itemize and had the following stock transactions for the year: Stock Shares 5,500 Date Purchased Date Sold 800 2,800 7/8/2021 3/12/2022 9/12/2022 10/21/2022 2/13/2015 10/21/2022 Sale Price Cost Basis $ 18,000 $ 15,000 43,000 30,000 47,000 22,000 Maribel also has interest from a savings account with Local Neighborhood Bank of $210 and a dividend from a Form 1099-DIV of $1,732 in ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends. Required: Prepare a 2022 Form 1040 for Maribel and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. Maribel had qualifying health care coverage at all times during the tax year. Use the appropriate Tax Tables and Tax Rate Schedules. Note: Instructions can be found on certain cells within the forms. Input all the values as positive numbers. Round your final answers to nearest whole dollar. Form 1040 Filing Status Check only one box. Department of the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return Single Married filing jointly 2022 OMB No. 1545-0074 Married filing separately (MFS) IRS Use Only-Do not write or staple in this space. Head of household (HOH) Qualifying widow(er) (QW) If you checked the MFS 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 a child but not your dependent: Your first name and middle initial Maribel If joint return, spouse's first name and middle initial Last name Gomez Last name Your social security number (Enter as xxx-XX-XXXX) 412-34-5670 Spouse's social security number (Enter as xxx-XX-XXXX) Home address (number and street). If you have a P.O. box, see instructions. 5037 Circle Court City, town, or post office. If you have a foreign address, also complete spaces below. Crestview, IL 60543 Foreign country name Foreign province/state/county At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Apartment number Foreign postal code Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Spouse Yes No 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 Dependents You: Were born before January 2, 1958 Are blind Spouse: Was born before January 2, 1958 Is blind (see instructions): (2) Social security number (3) Relationship to you If more than four dependents, see instructions and check here (1) First name Last name (Enter as xxx-XX-XXXX) Child tax credit (4) Check the box if qualifies for (see instructions): Credit for other dependents Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions. 1a Total amount from Form(s) W-2, box 1 (see instructions) b Household employee wages not reported on Form(s) W-2 c Tip income not reported on line 1a (see instructions) d Medicaid waiver payments not reported on Form(s) W-2 (see instructions) e Taxable dependent care benefits from Form 2441, line 26 f Employer-provided adoption benefits from Form 8839, line 29 g Wages from Form 8919, line 6 h Other earned income (see instructions) i Nontaxable combat pay election (see instructions) z Add lines 1a through 1h 1a 94,850 1b 1c 1d 1e 1f 1g 1h 1i 0 1z 94,850 Attach Schedule if required. 2a Tax-exempt interest 3a Qualified dividends 4a IRA distributions 2a b Taxable interest 2b 210 1,350 b Ordinary dividends 3b 1,732 4a b Taxable amount 4b 5a Pensions and annuities 5a b Taxable amount 5b 6a Social security benefits b Taxable amount 6b Standard Deduction for- c If you elect to use the lump-sum election method, check here (see instructions) Single or Married 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here filing separately, $12,950 Married filing 8 Other income from Schedule 1, line 10 jointly or Qualifying 9 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income widow(er), $25,900 Head of household, $19,400 If you checked any box under Standard Deduction, see instructions. 10 Adjustments to income from Schedule 1, line 26 11 Subtract line 10 from line 9. This is your adjusted gross income 12 Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction from Form 8995 or Form 8995-A 14 Add lines 12 and 13 7 1,000 8 9 97,792 10 11 97,792 12 12,950 13 0 14 12,950 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income. 15 84,842 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2022) Form 1040 (2022) Maribel Gomez Tax and Credits 16 Tax (see instructions). Check if any from Form(s): 17 Amount from Schedule 2, line 3 412-34-5670 Page 2 (1) 8814 (2) 4972 (3) 16 17 18 0 19 20 21 0 22 23 24 0 18 Add lines 16 and 17 19 Child tax credit or credit for other dependents from Schedule 8812 20 Amount from Schedule 3, line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter -0- 23 Other taxes, including self-employment tax, from Schedule 2, line 21 24 Add lines 22 and 23. This is your total tax Payments 25 Federal Income tax withheld from a Form(s) W-2 b Form(s) 1099 c Other forms (see instructions) d Add lines 25a through 25c 26 2022 estimated tax payments and amount applied from 2021 return If you have a 27 Earned income credit (EIC) qualifying child, attach Schedule EIC. 28 Additional child tax credit from Schedule 8812 29 American opportunity credit from Form 8863, line 8 30 Reserved for future use 31 Amount from Schedule 3, line 15 32 Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits 33 Add lines 25d, 26, and 32. These are your total payments 25a 14,500 25b 25c 25d 14,500 26 27 28 29 30 31 32 0 33 14,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate Maribel Gomezs tax for Line 16 on the 2022 Form 1040 lets follow these steps Step 1 Cal... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting principles and analysis

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

2nd Edition

471737933, 978-0471737933

More Books

Students also viewed these Accounting questions