Tax return preparations 2019

JOSEPH AND DIANA COHEN INDIVIDUAL FEDERAL INCOME TAX RETURN Interest income from the State of Maine's joseph (age 52) and Diana (age 54) Cohen are married and live in Pleasantville, New Jersey. Joseph is Tourism Support Private Activity Bond the Vice President of Sales at a small start-up company. Diana is a former advertising executive who Qualified dividend income from Rio Tinto $50,000 Qualified dividend income from Microsoft $1.500 Vehicle registration fee (based on age of the vehicle) $175 currently consults with former clients. The Cohens have three children Rebecca (age 18), Alan (age 15), $750 and David (age 12). In January, Rebecca left home to attend a liberal arts college. The Cohens pay for Qualified dividend income from Cooper Tire 57.845 Rebecca's tuition and room in board while she takes classes full time; she is not currently employed. $200 Mortgage interest on principle residence The Cohens provided the following information: Qualified dividend income from Cardinal Health Contribution to the American Lung Association $2.300 5425 Qualified dividend income from Union Pacific Contribution to the Habitat for Humanity $1.200 $140 Joseph's social security number is 598-94 2583 Qualified dividend income from Procter & Gamble $190 Contribution to Methodist Church of NJ $3.000 Diana's social security number is 301-52-2942 Rebecca's social security number is 887-44-8710 Qualified dividend income from PepsiCo $2,500 $225 Contribution to Senator Rick Hartley's Re election Campaign Qualified dividend income from Kellogg $200 Alan's social security number is 810-42-9092 $275 During the year, Joseph paid $16,600 in alimony and child support payments to a former spouse, Natalie David's social security number is 855-11-3021 Qualified dividend income from Abbott Labs Qualified dividend income from 3M $350 (55N #568-72-8787), whom he divorced in 2014. When his daughter Wendy (SSN #568-72-666), who The Cohen's mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08232 Life Insurance payment - Mutual life (mother's passing) $150,000 lives with her mother full-time, reaches the age of 18 the payments will drop to $5,600. year Cash gift from her father $5.000 $325 The Cohens had the following activity in their brokerage account during the year (all transactions were Joseph Cohen reported the following the following information relating to his employment during the New Jersey state income tax refund* reported on a Form 1099-B and basis information for each stock sale was reported to the IRS): Employer * Refund was from state tax they paid in 2018. They deducted all of their state taxes as itemized $22,500 Alternative Energy Gross Wages deductions in 2018. Total itemized deductions were $32,000, $3,000 of which were state taxes. Sold 2,000 shares of Microsoft 7/1/19 Sold 75 shares of Apple, Inc. 4/15/19 $28,750 $148,325 Federal Income Tax Diana received the following payments as a result of a lawsuit she filed for damages sustained in a car Sold 300 shares of Cooper Tire 10/14/19 $14.700 Withholding State Income Tax Purchased 100 shares of Procter & Gamble 7/10/19 7,700 $35,230 Withholding accident: $16,500 Purchased 350 shares of Cooper Tire 11/1/19 $14,000 The above amounts do not reflect any income items described below. Joseph's employer withheld all $8,900 Medical Expenses for physical injuries 5/14/19 $32,000 Emotional Distress (from having been physically injured) $7,300 Purchased 350 shares of Pepsico payroll taxes it was required to withhold. The entire Cohen family was covered by minimum essential Punitive Damages $30,000 Purchased 300 shares of Kellogg 10/14/19 $21,000 Joseph's employer, Alternative Energy health insurance during each month in 2019. The insurance, valued at $16,000, was provided by Total $53 800 Relevant tax basis/holding period information related to sales of securities in the current year; of accounting) Diana Cohen received the following self employment income during the year (she uses the cash method Eight years ago, Joseph purchased an annuity contract for $88,000. He received his first annuity payment on January 1, 2019. The annuity will pay Joseph $15,000 per year for ten years (beginning with Purchased 2,000 shares of Microsoft on 5/1/19 for $21,000 this year), The $15,000 payment was reported to Joseph on Form 1099-R for the current year. Purchased 200 shares of Apple, Inc. on 3/8/17 for $90,000 Consulting revenue reported to her on a Form 1099-MISC, Box 7 Purchased 300 shares of Cooper Tire on 1/12/16 for $9,000 High-end Retail Jensen's Health Products On January 3, 2019, the Cohens sold their prior principal residence. They purchased that residence in $32,000 201 1 and had lived there full-time until they sold it this year. They originally purchased the home for In order for Joseph and Diana to maintain their full-time jobs, they send David to a child care program Strategic Solutions $8,500 $310,000. The Cohen family has never claimed any tax depreciation (nor were they allowed to) on the after school five days a week. During the year, they paid the day care operator $12,250 for David's care $3,750 home. The sales price of the home was $825,000. The home is located at 45 East Entrada Trail, The Cohens' personal residence was burglarized on October 1. The Cohens had the following personal- in this self employment endeavor, Diana is an active participant and the activities qualify as trade or Lexington New Jersey 40502. any of her business expenses for the year. use property stolen: businesses for the Qualified Business Income Deduction. Unfortunately, Diana did not keep records of The Cohens took two trips to Atlantic City. While on the first trip they lost $2800 gambling, but on the Item Purchase Date Fair Value on Tax Basis of Item Insurance The Cohens also received the following during the year: second trip they won $2600. Date of Theft Reimbursement Received Interest income from First Bank of New Jersey The Cohens did not own, control or manage any foreign bank accounts, nor were they grantors or beneficiaries of a foreign trust during the tax year. Laptop computer 09/01/2019 3,000 3,000 500 Interest income from Patterson, New Jersey School District interest income from U.S. Treasury Bond Rifle 03/01/2017 4,000 4.500 500 $320 TV/Projector 03/01/2017 5 000 13,000 000 Interest income from General Mitis corporate bond $200 The Cohens made the following payments during 2019: 2007 Honda Pilot 07/01/2018 8,000 10,500 500 $350 Dentist (unreimbursed by insurance) $1.500 Total 14,000 25,000 2,500 $400 Doctors (unreimbursed by insurance) $475 Prescriptions (unreimbursed by insurance) $255 Real property taxes on residence $4,200