Question
Tax return project 1 Cindy Miller (SSN 000-22-1111), age 67, is a marketing manager at a local company. Cindy is single. Cindys elderly parents live
Tax return project 1
Cindy Miller (SSN 000-22-1111), age 67, is a marketing manager at a local company. Cindy is single. Cindys elderly parents live with her and Cindy provides them more than 50% of the support (both of her parents are qualified as Cindys dependents). Information about her 2017 income and expenses is as follows:
Income received |
|
Salary | $132,000 |
Taxes withheld from salary: Federal income tax $21,120 State income tax 5,940 Social Security tax 7,886 Medicare tax 1,914 |
|
Interest income ($3,000 from corporate bonds, and $1,000 from local school bonds). | 4,000 |
Dividend income from U.S. stocks-qualified dividends | 500 |
State income tax refund from 2016 return | 300 |
Federal income tax refund from 2016 return | 1,560 |
long term capital gain | 4,500 |
short term capital gains | 3,000 |
short term capital loss | (1,800) |
Gambling wining | 1,500 |
Annual gift from her great aunt | 18,000 |
Expenses paid: |
|
Unreimbursed qualified moving expenses | 3,000 |
Unreimbursed dental and eye care costs | 1,800 |
Medical insurance premium paid for herself | 3,000 |
Unreimbursed medical expenses paid for her parents | 3,500 |
Property taxes on her home | 4,900 |
Contribution to traditional IRA | 5,000 |
Fees paid to town for garbage pick-up | 400 |
Gambling losses | 3,200 |
Dues paid to American Marketing Association | 1,100 |
Fee for preparation of 2016 tax return and IRS audit assistance | 2,000 |
Home mortgage interest | 10,000 |
Interest on credit card balances | 2,410 |
Interest on car loan | 1,100 |
Cash contribution to charity | 1,000 |
Cindytook itemized deduction in 2016 (her total itemized deduction was $13,500). Please help Cindy to file her 2017 Federal Income Tax Return (Form 1040 and Schedule A).
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