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Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determIne her taxable Income for thls year.
Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determIne her taxable Income for thls year. She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable Income. She provided the following information with hopes that you could use It to determine her taxable Income for 2023 . a. Shauna pald $4,694 for medical expenses for care from a broken ankle In October. Also, Shauna's boyfrlend, Blake, drove Shauna (In her car) a total of 115 miles to the doctor's office so she could recelve care for her broken ankle. b. Shauna pald a total of $3,435 In health Insurance premlums during the year (not through an exchange). SD did not relmburse any of this expense. Besides the health Insurance premlums and the medical expenses for her broken ankle, Shauna had Laslk eye surgery last year and pald $3,035 for the surgery (she recelved no insurance relmbursement). She also Incurred $464 of other medical expenses for the year. c. SD withheld $1,835 of state Income tax, $7,530 of Soclal Securlty tax, and $14,640 of federal Income tax from Shauna's paychecks throughout the year. d. In 2023, Shauna was due a refund of $264 for overpaylng her 2022 state taxes. On her 2022 state tax return that she filed In Aprll 2023, she applied the overpayment toward her 2023 state tax llability. She estimated that her state tax llabillty for 2023 will be $2,335. e. Shauna pald $3,235 of property taxes on her personal residence. She also pald $514 to the developer of her subdivision because he had to replace the sidewalk in certaln areas of the subdivision. f. Shauna pald a $214 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan In the amount of $227,000 that she secured when she purchased her home. The home is worth about $407,000. Shauna pald Interest of $12,440 on the loan this year. h. Shauna made several charltable contributions throughout the year. She contributed stock In ZYX Corporation to the Red Cross. On the date of the contribution, the falr market value of the donated shares was $1,140 and her basis in the shares was $456. Shauna orlginally bought the ZYX Corporation stock In 2009 . Shauna also contributed $314 cash to State Unlversity and religlous artffacts she has held for several years to her church. The artlfacts were valued at $514 and Shauna's basis In the Items was $314. Shauna had every reason to belleve the church would keep them on display Indefinltely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,235 of services to her church last year. I. Shauna pald $264 In Investment advisory fees and another $164 to have her tax return prepared (that Is, she pald $164 In 2023 to have her 2022 tax return prepared). J. Shauna Is Involved In horse racing as a hobby. During the year, she won $2,535 In prize money and Incurred $11,400 In expenses. She has never had a profitable year with her horse-racing actlvitles, so she acknowledges that this is a hobby for federal Income tax purposes. k. Shauna sustained $2,035 in gambling losses over the year (mostly horse-racing bets) and had only $214 In wInnIngs. a-2. Complete Schedule A
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