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please help me with this Robert A. Kliesh, age 41 , is single and has no dependents. Robert's Social Security number is 111-11-1115. His address
please help me with this
Robert A. Kliesh, age 41 , is single and has no dependents. Robert's Social Security number is 111-11-1115. His address is 727 Big Horn Avenue, Sheridan, WY 82801. He does not contribute to the Presidential Election Campaign fund through the Form 1040. Robert works as a financial analyst and is well regarded in his field. This year his salary totaled $1,250,000. His professional success has allowed him to purchase investments in real estate and corporate stocks and bonds. He also spends time volunteering with various organizations that help people develop financial literacy skills. Examination of Robert's financial records provides the attached information for 2021. REQUIRED: Prepare Robert Kliesch's 2021 Federal income tax return using the appropriate forms and schedules. You will need the following tax forms to complete the return. (1) Form 1040, including Schedules 1 and 2. (2) Form 1040 Schedules A, D, and E. (3) Forms 6251,8283,8582,8959, and 8960. TAXPAYER ROBERT A. KLEISH ADDITIONAL INFORMATION FOR PREPARING TAX RETURN FOR TAX YEAR 2021 (a) On January 16, Robert sold 1,000 shares of stock for a loss of $12,000. The stock was acquired 14 months ago for $17,000 and sold for $5,000. On February 15, he sold 400 shares of stock for a gain of $13,100. That stock was acquired in 2012 for $6,000 and sold for $19,100. (b) He received $100,000 of interest on private activity bonds that he purchased in 2016 . He also received $40,000 of interest on tax exempt bonds that are not private activity bonds. (c) Robert received gross rent income of $190,000 from an apartment complex he owns. He qualifies as an active participant in the activity. The property is located at 355 North Milward, Jackson, WY 83001. \begin{tabular}{|l|l|} \hline (d) Expenses related to the apartment complex, acquired in 2011, were $225,000. \\ \hline (e) Robert eams no taxable interest income. Because he invests only in growth stocks, he \\ \hline receives no dents \end{tabular} receives no dividend income. (g) Robert was the beneficiary of an $800,000 life insurance policy on the life of his uncle Jake. He received the proceeds in October. (h) In February, Robert exercised an incentive stock option that was granted by his employer in 2017. The strike price of the option was $5 per share. On the date of exercise, the fair market value of the stock was $175 per share. Robert purchased 1,800 shares with the option. As of the end of the year, he still owns the stock (current FMV \$138 per share). (i) Robert incurred the following potential itemized deductions. (1) \$5,200 fair market value of stock contributed to the Red Cross ( $3,000 stock basis). He had owned the stock for two years. Robert also made cash contributions of $8,000 to qualified organizations during the year. (2) $4.200 interest on consumer purchases. (3) $18,900 state and local property taxes. (4) $15,000 of medical expenses that he paid on behalf of his administrative assistant, who unexpectedly took ill. (5) $8,000 paid for lottery tickets associated with playing the state lottery. (6) $750 contribution to the campaign of the Green Party candidate for governor of Wyoming. (7) Because Robert lived in Wyoming, he paid no state income tax. TAXPAYER ROBERT A. KLEISH ADDITIONAL INFORMATION FOR PREPARING TAX RETURN (CONTINUED) FOR TAX YEAR 2020 \begin{tabular}{|l|l|} \hline (j) & Robert's W-2 shows Federal income tax withheld of $420,000 and Medicare tax withheld of $27,525. \\ \hline (k) & Robert also made estimated Federal income tax payments of $35,000. \\ \hline (1) & Robert did not engage in any virtual currency transactions. He was covered by health \\ \hline \end{tabular} insurance for the entire tax year. He did not qualify for any coronavirus recovery rebates (economic impact payments) Step by Step Solution
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