Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

18th Edition

1119790972, 9781119790976

More Books

Students also viewed these Accounting questions

Question

Formulate strategies and recommendations for action on HRM issues.

Answered: 1 week ago