Sale of MNO Stock. S. Adjusted basis = Amount Realized = T. Gain or Loss =

Sale of rental property. U. Adjusted basis = Amount Realized = V. Gain or Loss =

*W. Show your calculation of tax on long term capital gains:

Information.

Susan is 55 and single with no dependents. Use 2019 tables for all calculations. She received a state income tax refund of $1,000 in 2018.

Charitable contributions =$5,000. Medical expenses not covered by insurance = $900. Real estate taxes paid in 2019 = $4,800. Interest paidin 2019 on home mortgage for purchase of her residence = $9,200.

On October 1, 2019, she sold MNO stock for $10,000, originally purchased 10 years ago for $15,000.

On January 1, 2019 she sold a residential rental property for $200,000 that she had purchased 28 years ago for $50,000. She had used straight line depreciation with a 27.5 year lifetime, using $40,000 as the depreciable value of the property..

W2 form
Box 1 wages	110,000
Box 2 federal income tax withheld in 2019	40,000
Box 17, state income tax withheld in 2019	4,500
Box 19, local income tax withheld in 2019	2,000

It's just filling out the 1040 form

1040 Line 1 A. Wages B. Other income (1040 Lines 2b-7a) List each non-zero amount with description: Schedule 1, Line 4: Gains or Losses C. Total income D. Adjustments to gross income E. 2019 Federal adjusted gross income $ = F. Filing status = (single/married filing jointly, household head) (circle 1040 Line 7b = 1040 Line 8a = 1040 Line 8b = G. Enter standard deduction (SD) $ = H. List and enter total of itemized deductions = I. 1040 Line 9 = Assume Line 10 = 0 1040 Line 11a = J. 2019 Federal taxable income = 1040 Line 11b = K. Ordinary income portion of taxable income = L. 2019 marginal tax rate (bracket) based on ordinary income M. Income tax on ordinary income (from Schedule) N. Income tax on qualified dividend and LTCG income* 0. Total income tax before credits for 2019 O. 1040 Line 12b = Nonrefundable portion of child and family tax credit Line 13a = (assume S0) 1040 Line 13b=$0l P. Federal income tax withheld for 2019 (W2)S = 1040 Line 17= Assume refundable credits = $0 Total other payments and refundable credits 1040 Line 18e = $0 Add Line 17 and Line 18e. These are your total payments Line 19 = Q. 20. If Line 18 is more than Line 15, subtract Line 16 from Line 19. Line 20 = Amount overpaid. |R. 23. If Line 18 is less than Line 15, subtract Line 19 from Line 16. Line 23 = Amount you owe. ALSO 1040 Line 1 A. Wages B. Other income (1040 Lines 2b-7a) List each non-zero amount with description: Schedule 1, Line 4: Gains or Losses C. Total income D. Adjustments to gross income E. 2019 Federal adjusted gross income $ = F. Filing status = (single/married filing jointly, household head) (circle 1040 Line 7b = 1040 Line 8a = 1040 Line 8b = G. Enter standard deduction (SD) $ = H. List and enter total of itemized deductions = I. 1040 Line 9 = Assume Line 10 = 0 1040 Line 11a = J. 2019 Federal taxable income = 1040 Line 11b = K. Ordinary income portion of taxable income = L. 2019 marginal tax rate (bracket) based on ordinary income M. Income tax on ordinary income (from Schedule) N. Income tax on qualified dividend and LTCG income* 0. Total income tax before credits for 2019 O. 1040 Line 12b = Nonrefundable portion of child and family tax credit Line 13a = (assume S0) 1040 Line 13b=$0l P. Federal income tax withheld for 2019 (W2)S = 1040 Line 17= Assume refundable credits = $0 Total other payments and refundable credits 1040 Line 18e = $0 Add Line 17 and Line 18e. These are your total payments Line 19 = Q. 20. If Line 18 is more than Line 15, subtract Line 16 from Line 19. Line 20 = Amount overpaid. |R. 23. If Line 18 is less than Line 15, subtract Line 19 from Line 16. Line 23 = Amount you owe. ALSO