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taxpayer is single Find the: Actual AGI Taxable income - Tax Final amount owed or refund due Taxpayer is a 67-year-old male. The notes to
taxpayer is single
Find the: Actual AGI Taxable income - Tax Final amount owed or refund due Taxpayer is a 67-year-old male. The notes to the file with the return show the following tax information for 2019: 1. No children, but took care of his sister for a few months due to illness. He did not provide more than half her support for the entire year, but provided her full support for three months. She is 66 years old and has no income. 2. Part time job at Walmart provides $16900 of income (W-2 provided in file). W-2 shows $3200 withholding for federal taxes. 3. Social Security benefits of $24,450 with no withholding. 4. Interest income of $3500 which includes $2700 in city bonds (1099s provided in file). 5. IRA distribution of $4800 (1099 provided in file). 6. State income taxes of $40 and sales taxes (with supporting receipts due to purchase of car) of $1200. 7. Paid $4000 of out of pocket medical expenses (rest is covered by an insurance plan). 8. he spent $1000 to move his home during 2014. The move was purely personal. He rents so there were no gains/losses on sales of home, mortgage interest or property taxes. 9. Loss on sale of personal vehicle $3000. Sale price was $4000. Adjusted basis was $7000. 10. Gambling losses $500, with $1000 in gambling winnings. Herman considers himself lucky. 11. Penalty on early withdrawal of savings from a CD at his bank. $75 fee. Find the: Actual AGI Taxable income - Tax Final amount owed or refund due Taxpayer is a 67-year-old male. The notes to the file with the return show the following tax information for 2019: 1. No children, but took care of his sister for a few months due to illness. He did not provide more than half her support for the entire year, but provided her full support for three months. She is 66 years old and has no income. 2. Part time job at Walmart provides $16900 of income (W-2 provided in file). W-2 shows $3200 withholding for federal taxes. 3. Social Security benefits of $24,450 with no withholding. 4. Interest income of $3500 which includes $2700 in city bonds (1099s provided in file). 5. IRA distribution of $4800 (1099 provided in file). 6. State income taxes of $40 and sales taxes (with supporting receipts due to purchase of car) of $1200. 7. Paid $4000 of out of pocket medical expenses (rest is covered by an insurance plan). 8. he spent $1000 to move his home during 2014. The move was purely personal. He rents so there were no gains/losses on sales of home, mortgage interest or property taxes. 9. Loss on sale of personal vehicle $3000. Sale price was $4000. Adjusted basis was $7000. 10. Gambling losses $500, with $1000 in gambling winnings. Herman considers himself lucky. 11. Penalty on early withdrawal of savings from a CD at his bank. $75 fee Step by Step Solution
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