Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

received a 30,000 salary from her employer who with held 4200 federal income tax receive the gift of 1000 shares of Ace Corporation stock with

received a 30,000 salary from her employer who with held 4200 federal income tax
receive the gift of 1000 shares of Ace Corporation stock with 100,000 Fmv from her mother she also received 4000 of cash dividends from the ace corporation the dividends are qualified dividends.
received $1000 of interest income on bonds issued by the city of Tampa
received a regular stock dividends of 50 shares of A's Corporation stock with a $5000 Fmv
Alice employer paid 2000 of medical health insurance premiums on her behalf
received 13,000 alimony from her ex-husband they divorced on August 1, 2014
State university provided 60,000 a group term life insurance Alice is 42 years old and is not a key employee the table in the text is applicable
received $1000 cash reward from her employer from being the designated the securetary of the year
total itemized deductions are 10,000
complete form 1040, schedule 1, schedule B using 2019 Irs form image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
1:4-61 Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items w pertaining to her income tax return for the current year: Received a $30,000 salary from her employer, who withheld $4,200 federal income tax Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. Received $1,000 of interest income on bonds issued by the City of Tampa. Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with a $5,000 FMV. Alice's employer paid $2,000 of medical and health insurance premiums on her behalf Received $13,000 alimony from her ex-husband. They divorced on August 1, 2014 State University provided $60,000 of group term life insurance Alice is 42 years old and is not a key employee. The table in the text is applicable Received a $1.000 cash award from her employer for being designated the Secretary of the Year Total itemized deductions are $10,000, Complete Form 1040 and accompanying schedules for Alice Johnson's 2019 return naps Translate SCHEDULEB Form 1046 or 1040-89 ONE No. 1545-0014 Interest and Ordinary Dividends Go to www.is.gov/ Scheduled for instructions and the latest information Attach to Form 1040 1040-SEL. Department of the Warren Service Mae Woonretum 2019 Attachment Sequence No. 08 You molecurity sumber 1 Part 1 Interest List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and let this Interest first. Also, show that buyer's social security number and address Amount Se instructions and the instructions for Forms 1010 and 1040 SR line 25:) Not you received a Form 1099-INT.Form 1099-01D. or 3 statement from brokerage firm, list the firm's name as the payer and enter the total interest shows on that form 2 Add the amounts on line 1 3 Excludable interest on series EE and TU.S. savings bonds issued after 1989. Attach Form 8815 4 Subtract line 3 from line 2. Enter the result here and on Form 1010 or 1010-SR, line 26 Noter line 4s over $1,500, you must completo Part Part II 5 Listame of payer Ordinary Dividends Seestions and the structions for Forms 1040 and 1040-Spine Not you 4 Amount 5 09 DVD want from acom Det and Diary And the amounts on the the one and on Form 1010 or 100-SH une 30 Notinos 100 You must complete Partill Partin o a 15 Shopping Cart Red... v Welcome to the Uni... YouTube Maps Translate 2019 Department of Traury Barvik OMB No 1845-0074RUNO-Donald in Filing Status Single Maried fingretty Marleding wity Ng Head of household Oualitying widow) OM Check only one box. you checked the MF box, enter the name of spouse. you checked the HOH GW Boranter rechts name the giallying person is a child but at your dependent Your first name and midde initial Last name Your social security number jointtum, spouse's first name and middeniti Lastrare Spouse's social security number Home address number and you have a PO box, se instructions Apt. no. Presidential Election Campaign chaty, or your www to go to this City, town or post office state and ZIP code you have a foreign address, also complete spaces below see instructions Checking of change your und You Foreign country name Foreign province/statcounty Foreign postal code more than four depender se instructions and her Standard Someone can claim you as a dependent Your spouse as a dependent Deduction Bustamises on separate returne tatus alion Age/Blindness You Were bom before January 2,1865 Ne bind Spouse Was born before January 2, 1955 is blind Dependents Instructions: Security you forsetion my Flame Lastame Child tax crede Corrents 1 Standard Deduction for 4 1 Wagenes, etc. Attach Forms W 2 Tax-exempt bort Schrad Oled Genes by videos, Achroquired IRA Yara Poses and 40 dont Social Security benetes Tabout Capital Attach chuqur dhe Ta Oor incontro Schedule Ad sincome med Sub Barom usted nosom Standard de 10 10 1a Aoines 6 Ta For Disclosure. Pevacy Act, and Power Reduction Act Notices separate instruccions 1040 O BE . a AP 3 / 3 A 12 Tax see inst) Check it any from Formis 18814 4972 12a b Add Schedule 2 Ine 3, and line 12a and arter the total 130 Child tax credit or credit for other dependents 11 b Add Schedule 3. Ine 7, and line 13a and enter the total 13b 14 Subtractine 13b from line 12b iftere or less entero 14 16 Other taxes, including self-employment tax, from Schedule 2. Ine 10 15 16 Add lines 14 and 15. This is your total 16 17 Federal income tax withheld from Forms W-2 and 1000 17 you have 18 Other payments and refundable credits: ying cha a Eamed income credit 18a sch, EC you have Additional child tax credit. Attach Schedule 8812 1b c American opportunity credit from Form 8863, Ines 18 d Schedule 3. ine 14 1d Add lines the through 18d. These are your total other payments and refundable credits 18e Addit and 18 These are Wur total payments 19 20 Refund Itine 19 is more than line 16, subtractin 16 from line 19. This is the amount you overald 20 21a Amount of in 20 you want refunded to you. It Form is tached. check here 21a Dec Routing number Type: Checking Savings d Account Number Amontre 20 you want applied to you 2020 estimated tas Amount Amount you owe ubrane 19 from line 16. For details on how to pay, sections You Owe 24 Third Party Do you want to show and person other than your products with the RS7 See Instructions Yes. Complete Designee No Der's Phone Personal identification number Sign of Gewer Here Yourse Dan You it meant you an identity Protection at there Date Soosentrum both to Soos a copy that your Pantait here eest Preparo's me Pro PTIN Paid Preparer Use Only Fotos antes 1040 o a OMB No 1545-0074 Additional Income and Adjustments to Income SCHEDULE 1 Form 1040 or 1040-SR Department of the Treasury Attach to Form 1040 or 1040-SR. Internal Revenue Service Go to www.irs.gov/Form1040 for instructions and the latest Information Namel shown on Form 1040 or 1040-SR 2019 Attachment Sequanice No. 01 Your social security number 4 9 At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Part 1 Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 1 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule C 3 4 Other gains or losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 5 6 Farm income or loss). Attach Schedule F 6 7 Unemployment compensation 7 B Other income. List type and amount 8 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Part 11 Adjustments to Income 10 Educator expenses 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 12 Health savings account deduction. Attach Form 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP. SIMPLE, and qualified plans 16 Self-employed alth insurance deduction 16 Penalty on early withdrawal of savings 17 1a Amony paid b Recipes SSN c Date of original divorce or separation agreementisce instructions) 19 IRA deduction 19 20 Student la nost deduction 20 21 Tunion and toon Allach Formont 21 Add in 10 through 21. These are your adjustments to income. Enter here and on Form 1010 For Paperwork Reduction Act Notice see your tax returns Set 2019 14 15 17 E a 3 - + 5 6 7 8 9 O 1:4-61 Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items w pertaining to her income tax return for the current year: Received a $30,000 salary from her employer, who withheld $4,200 federal income tax Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. Received $1,000 of interest income on bonds issued by the City of Tampa. Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with a $5,000 FMV. Alice's employer paid $2,000 of medical and health insurance premiums on her behalf Received $13,000 alimony from her ex-husband. They divorced on August 1, 2014 State University provided $60,000 of group term life insurance Alice is 42 years old and is not a key employee. The table in the text is applicable Received a $1.000 cash award from her employer for being designated the Secretary of the Year Total itemized deductions are $10,000, Complete Form 1040 and accompanying schedules for Alice Johnson's 2019 return naps Translate SCHEDULEB Form 1046 or 1040-89 ONE No. 1545-0014 Interest and Ordinary Dividends Go to www.is.gov/ Scheduled for instructions and the latest information Attach to Form 1040 1040-SEL. Department of the Warren Service Mae Woonretum 2019 Attachment Sequence No. 08 You molecurity sumber 1 Part 1 Interest List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and let this Interest first. Also, show that buyer's social security number and address Amount Se instructions and the instructions for Forms 1010 and 1040 SR line 25:) Not you received a Form 1099-INT.Form 1099-01D. or 3 statement from brokerage firm, list the firm's name as the payer and enter the total interest shows on that form 2 Add the amounts on line 1 3 Excludable interest on series EE and TU.S. savings bonds issued after 1989. Attach Form 8815 4 Subtract line 3 from line 2. Enter the result here and on Form 1010 or 1010-SR, line 26 Noter line 4s over $1,500, you must completo Part Part II 5 Listame of payer Ordinary Dividends Seestions and the structions for Forms 1040 and 1040-Spine Not you 4 Amount 5 09 DVD want from acom Det and Diary And the amounts on the the one and on Form 1010 or 100-SH une 30 Notinos 100 You must complete Partill Partin o a 15 Shopping Cart Red... v Welcome to the Uni... YouTube Maps Translate 2019 Department of Traury Barvik OMB No 1845-0074RUNO-Donald in Filing Status Single Maried fingretty Marleding wity Ng Head of household Oualitying widow) OM Check only one box. you checked the MF box, enter the name of spouse. you checked the HOH GW Boranter rechts name the giallying person is a child but at your dependent Your first name and midde initial Last name Your social security number jointtum, spouse's first name and middeniti Lastrare Spouse's social security number Home address number and you have a PO box, se instructions Apt. no. Presidential Election Campaign chaty, or your www to go to this City, town or post office state and ZIP code you have a foreign address, also complete spaces below see instructions Checking of change your und You Foreign country name Foreign province/statcounty Foreign postal code more than four depender se instructions and her Standard Someone can claim you as a dependent Your spouse as a dependent Deduction Bustamises on separate returne tatus alion Age/Blindness You Were bom before January 2,1865 Ne bind Spouse Was born before January 2, 1955 is blind Dependents Instructions: Security you forsetion my Flame Lastame Child tax crede Corrents 1 Standard Deduction for 4 1 Wagenes, etc. Attach Forms W 2 Tax-exempt bort Schrad Oled Genes by videos, Achroquired IRA Yara Poses and 40 dont Social Security benetes Tabout Capital Attach chuqur dhe Ta Oor incontro Schedule Ad sincome med Sub Barom usted nosom Standard de 10 10 1a Aoines 6 Ta For Disclosure. Pevacy Act, and Power Reduction Act Notices separate instruccions 1040 O BE . a AP 3 / 3 A 12 Tax see inst) Check it any from Formis 18814 4972 12a b Add Schedule 2 Ine 3, and line 12a and arter the total 130 Child tax credit or credit for other dependents 11 b Add Schedule 3. Ine 7, and line 13a and enter the total 13b 14 Subtractine 13b from line 12b iftere or less entero 14 16 Other taxes, including self-employment tax, from Schedule 2. Ine 10 15 16 Add lines 14 and 15. This is your total 16 17 Federal income tax withheld from Forms W-2 and 1000 17 you have 18 Other payments and refundable credits: ying cha a Eamed income credit 18a sch, EC you have Additional child tax credit. Attach Schedule 8812 1b c American opportunity credit from Form 8863, Ines 18 d Schedule 3. ine 14 1d Add lines the through 18d. These are your total other payments and refundable credits 18e Addit and 18 These are Wur total payments 19 20 Refund Itine 19 is more than line 16, subtractin 16 from line 19. This is the amount you overald 20 21a Amount of in 20 you want refunded to you. It Form is tached. check here 21a Dec Routing number Type: Checking Savings d Account Number Amontre 20 you want applied to you 2020 estimated tas Amount Amount you owe ubrane 19 from line 16. For details on how to pay, sections You Owe 24 Third Party Do you want to show and person other than your products with the RS7 See Instructions Yes. Complete Designee No Der's Phone Personal identification number Sign of Gewer Here Yourse Dan You it meant you an identity Protection at there Date Soosentrum both to Soos a copy that your Pantait here eest Preparo's me Pro PTIN Paid Preparer Use Only Fotos antes 1040 o a OMB No 1545-0074 Additional Income and Adjustments to Income SCHEDULE 1 Form 1040 or 1040-SR Department of the Treasury Attach to Form 1040 or 1040-SR. Internal Revenue Service Go to www.irs.gov/Form1040 for instructions and the latest Information Namel shown on Form 1040 or 1040-SR 2019 Attachment Sequanice No. 01 Your social security number 4 9 At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Part 1 Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 1 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule C 3 4 Other gains or losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 5 6 Farm income or loss). Attach Schedule F 6 7 Unemployment compensation 7 B Other income. List type and amount 8 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Part 11 Adjustments to Income 10 Educator expenses 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 12 Health savings account deduction. Attach Form 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP. SIMPLE, and qualified plans 16 Self-employed alth insurance deduction 16 Penalty on early withdrawal of savings 17 1a Amony paid b Recipes SSN c Date of original divorce or separation agreementisce instructions) 19 IRA deduction 19 20 Student la nost deduction 20 21 Tunion and toon Allach Formont 21 Add in 10 through 21. These are your adjustments to income. Enter here and on Form 1010 For Paperwork Reduction Act Notice see your tax returns Set 2019 14 15 17 E a 3 - + 5 6 7 8 9 O

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

Internal Auditing Theory A Systems View

Authors: Hugh Marsh, G A Swanson

1st Edition

089930608X, 978-0899306087

More Books

Students also viewed these Accounting questions