Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PROBLEM #2: Ron Jackson, S.S.# 260-45-1896, age 51, an unmarried taxpayer with no dependent children, is a geneticist for Emory University. He lives at 1956

image text in transcribed
PROBLEM #2: Ron Jackson, S.S.# 260-45-1896, age 51, an unmarried taxpayer with no dependent children, is a geneticist for Emory University. He lives at 1956 Westside Place, Dunwoody, Ga. 30338. He had the following income for 2019: Taxable Gross Salary: $62,000 Federal Income Tax Withheld $6,500 Interest Income from Wells Fargo $ 412 Ordinary Dividends from AT&T $ 1.492 All of the dividends from AT&T are qualified dividends. Additional Information: 1. Ron is covered under Emory's 401(k) retirement plan and contributed $8,000 to the plan for 2019. 2. Ron contributed $7,000 to his Traditional IRA for 2019 on April 13, 2019. 3. The IRA basis for all prior year non-deductible Traditional IRA contributions was $15,540 as of December 31, 2019. 4. During 2019, Ron paid 100% of the support of his mother, Maria Jackson. Maria is age 73, unmarried, and had $3,699 of gross income during 2019. Maria is currently a citizen and resident of Madrid, Spain and lives there in a condo provided to her by Ron. Ron pays all of the costs associated with this condo. 5. Ron decided to begin work on his PhD (doctorate degree) in genetics during 2019. He paid $4,200 for tuition, and $950 for books reported on his 1098-T, to Phoenix University during 2019. (Phoenix University 8200 Rob- erts Drive Sandy Springs, GA 30350 EIN 27-5412350) Required: Please complete Mr. Jackson's 2019 Form 1040, with all necessary forms, schedules and worksheets

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_2

Step: 3

blur-text-image_3

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

Understanding Financial Accounting

Authors: Christopher D. Burnley

3rd Canadian Edition

1119715474, 9781119715474

More Books

Students also viewed these Accounting questions