Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help! Required Information (The following information applies to the questions displayed below.) Ken is 63 years old and unmarried. He retired at age 55

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

please help!

Required Information (The following information applies to the questions displayed below.) Ken is 63 years old and unmarried. He retired at age 55 when he sold his business. Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. a Ken won $1,200 in an illegal game of poker (the game was played in Utah, where gambling is illegal). b. Ken sold 1,000 shares of stock for $32 a share. He inherited the stock two years ago. His tax basis (or investment) in the stock was $31 per share. cken received $25,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years, for $210.000. d. Ken received $13,000 in disability benefits for the year. He purchased the disability insurance policy last year. e. Ken decided to go back to school to learn about European history. He received a $500 cash scholarship to attend. He used $300 to pay for his books and tuition, and he applied the rest toward his new car payment. Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken as a gift from Mike to Ken. Ken received the check on December 30 in the amount of $1,100. g. Ken received a $610 refund of the $3,600 in state income taxes his employer withheld from his pay last year. Ken claimed $12,250 in itemized deductions last year (the standard deduction for a single filer was $12.200). h. Ken received $30,000 of interest corporate bonds and mo market accounts. Determine Ken's gross income. COSME Required Information The following information applies to the questions displayed below.) ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial Information this year. Assume Ken files as a single taxpayer a Ken won 51.200 in an illegal game of poker (the game was played in Utah, where gambling is illegal). b. ken sold 1.000 shares of stock for $32 a share. He inherited the stock two years ago. His tax basis (or investment) in the Stock was 531 per share cken received $25,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years for S210.000 d. Ken received $13,000 in disability benefits for the year. He purchased the disability insurance policy last year c. Ken decided to go back to school to learn about European history. He received a $500 cash scholarship to attend. He used $300 to pay for his books and tuition, and he applied the rest toward his new car payment. f. Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken as a gift from Mike to Ken Ken received the check on December 30 in the amount of $1,100. g. Ken received a 5610 refund of the $3,600 In state Income taxes his employer withheld from his pay last year, Ken claimed $12.250 in itemized deductions last year the standard deduction for a single filer was $12,200), Ken received $30,000 of interest from corporate bonds and money market accounts Download the Tax Form and enter the required values in the appropriate fields. Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." 1040 2019 Department of the Thermal Service (19) U.S. Individual Income Tax Return OMB No. 1545-0074 Only-not want Filing Status E Single Married filling Jointly Married Ning separately (MFS) Head of household HOH Outlying widowarow Check only If you checked the MFS box, enter the name of spouse. If you checked the HOH Or Ow box, enter the child's name if the qualifying person is one box Rchlid but not your dependent. Your first name and middle initial Last name Your social security number Spouse's social securty number I joint rotum, spouse's first name and middle initial Last name Apt, no Home address number and street). If you have a P.O. box, sae Instructions. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see Instructions) Presidential Bection Campaign Check here you or your spouse flig onty, want 53 to go to the end Checking a box below it change you axor fund You Spouta if more than four dependent, see Instructions and her Foreign postal code Foreign province/State/county Pereien country name Standard Deduction Someone can claim: You as a dependent Your spouse as a dependent Spouse itemizes on a separate return or you were a dual status alien a Age/Blindness You Were bom before January 2, 1955 Dependents (see instructions): First name Last name Are blind Spouse: Was born before January 2, 1955 is blind (2) Social security number (3) Relationship to you 14 i qualifies for see instructions Child tax credit Credit for other dependents 1 2b 3b 40 40 5 3 Wages, salanes, tips, etc. Attach Formis) W 2 20 Tax-exempt interest 2a b Taxable interest. Anunch Sch Bured Qualified dividends 30 b Ordinary dividends. Attach sch. Becured anciare 40 Deduction for IFA distributions b Taxable amount e Pensions and annutes 40 d Textile amount 50 Social security benefits 5a b Taxable amount 6 Capital gain or loss). Attach Schedule D if required. If not required, check here 7a Other income from Schedule 1. line 9 b Add lines 1. 20, 3b, 45, 4d, Sb, 6, and 7a. This is your total income 80 Adjustments to income from Schedule 1, line 22 Subtract line Batron line 76. This is your adjusted gross income Standard deduction or itemized deductions from Schedule A) 9 10 Gualtied business income deduction Attach Form 8995 or Form 8005 A 10 duction 119 Adding 9 and 10 b Taxable income. Subtelna trom in su. If zero or loss anter For Disclosure. Privacy Act, and paperwork Reduction Act Notice, see separate instruction, 7 80 11 een 1040 m Form 1040 (2019) Page 2 12 Tax (see Inst.) Check it any from Format 1 8814 2 4972 3 1 123 12 b Add Schedule 2. Bne 3, and line 12a and enter the total 125 13 Child tax credit or credit for other dependents 13a b Add Schedule 3, line 7, and line 13a and enter the total 13b Subtract line 13b from line 12b. If zero or less, enter-O- 14 15 Other taxes, including self-employment tax from Schedule 2. line 10 10 16 Add lines 14 and 15. This is your total tax 16 17 Federal income tax withheld from Forms W-2 and 1099 17 18 If you have Other payments and refundable credits: Qualifying the Eamed income credit (EIC) 18a Beh BC b Additional child tax credit. Attach Schedule 8812 185 If you have nonte American opportunity credit from Form 8863 line 8 180 combet pays utions d Schedule 3, line 14 180 Add lines 18a through 13d. These are your total other payments and refundable oredits 180 19 Add lines 17 and 18e. These are your total payments 19 20 20 Refund If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpald 21a Amount of line 20 you want refunded to you. If Form 8898 is attached check here 21a Drect deposit? Routing number a Type: Checking Savings Structions d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 Amount 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions 23 You Owe Estimated tax penalty (see instructions 24 24 Third Party Do you want to allow another person (other than your paid preparer) to discuss this retum with the IRS See instructions, Yes. Complete below Designee No Designee's Phone Personal identification name no number (PINO Sign under pres of purjury, declare that I haw examined the rulum and accomparing the nature and to the best of my knowledge and buyrum ct and cont Declaration of prepare other than tanpa ba on information of which w Here Your signature Date Your occupation If the IRS sont you an entity Protection PIN enter there SIGLI Spouse's signature. If a joint retum both must sign Data Spouse's occupation the IRS sent your pouda Identity Protection PEN in there Keep a copy for your records Llad TIN Phone no Email address Preparer's name Preparer's agnature Paid Preparer Firm's name Use Only Fem's address Go to www.rs.govi Form 1040 for instructions and the latest information Checi! Ba Party Design Salapoyed HO EN 1040

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Fraud Auditing And Forensic Accounting

Authors: Tommie W Singleton, Aaron J Singleton, G Jack Bologna, Robert J Lindquist

4th Edition

047056413X, 9780470564134

More Books

Students also viewed these Accounting questions

Question

Define and explain the goals of employee orientation/onboarding

Answered: 1 week ago