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This is a problem from my Federal Taxation class. We have to input this information into tax forms: 1040, schedule C, schedule I, and many
This is a problem from my Federal Taxation class. We have to input this information into tax forms: 1040, schedule C, schedule I, and many more. Help!
PART THREE-(S0 POINTS) INDIVIDUAL TAX RETURN PROBLEM Scenario: Dr. Susan Warner is a divorced taxpayer who maintains the cost of a home for bonself and ber two adopied daughters Gabby (20) and Lile (10) She works hard to support her family all yew Both giels lived with her the entire year.During 2018 Gabby earned $25,000 from her job as a counselor which she used to support herseld Dr Warner has provided you with the following information and would like you to prepare ber 208 Tax Return n December of 2018, Dr. Wamer sold her home. She purchased the home for $300,000 in 2012 and sold the home for 5600,000 in January of 2018. She had lived in the home since the time of purchase G012) SSN# is 222-22-2222 and Lillie's SSNe is 222-22-2222. 2018. Point, Ohio, 45680) Her gross prolit from the business in 2018 was $$50,000 New address: 65 Township Road 1199, Chesapeake, Olo 45659. Her SSNe is 111-11-1111. Gably's Dr. Warner received life insurance proceeds of $125,000 when her mother passed away in September of Dr. Warmer is seld-employed and the owner of Warner's Pediatrics (Address 561 County Road 7-C, South Dr.Warner incurred the following expenses in conmection with her business o Paid her urses $200,000 o Reat on office space $30,000 o Medical supplies $50,000 o Penalties on late tax paryments of $5,500 o New X-Ray machine-made Section 179 Election-$16,000. o Business meals of $1,000 o Travel to a business conference $3,000 Dr. Wamer also worked part-time as a physician at a clink. The clinic sent her a W-2 that showed wages of $35,000, Sederal withholding of $12,000, Social Security tax of $3,500, Medicare tax of $1,500, and state withholding of $2,500 Dr. Warner personally owns some rental property. She had gross renital income of $35,000. Dr. Warner incurred the following expenses associated with her rental properties o Depreciation of $15,000 o Mortgage interest of $10,500 o Property taxes ofS5,500 o Repairs of $12,750. o Pest control of $3,000. o Maintenance of $3,500. She has a CD at the local bank which paid her interest of $4,500 She also received $6,000 worth of nterest from a municipal bond Her Dad gave her a gift of $12,000 for her 40 birthday She paid $25,000 of mortgage interest (acquisition indebtedsess) on her personal residence and 56,300 of real estate taxes on her personal residence. She made charitable contributions of 10,500 She sold a jet ski that she used personally at a loss of $2,000. She had owned the jet siki for 3 years Dr. Waner paid ber spouse alimony of $15,500. They were divorced in 2015 She made federal estimated tax payments of $12,600 Dr. Warner sold some AT& Tstock she had held for 6 years at a gain of $10,400. (This is a long-tm capital gain, but ignore preferential rates She had unreimbursed medical expenses of $25,500 Assume she qualifies foe the Child Tax Credit of $2,000 for each eligible dependent.(lpnoe AGI Phase Outs) take 20% of her net profit Schedule C.) W2 and the additional Medicare Tax for high income individuals She wants to take the QBI deduction if her business qualifies (Ifher business qualifies for the deduction She wants you to calculate her SE Tax. (Use the 4 steps discussed in class. Ignore the information on her 040 odudul co12018 PART THREE-(S0 POINTS) INDIVIDUAL TAX RETURN PROBLEM Scenario: Dr. Susan Warner is a divorced taxpayer who maintains the cost of a home for bonself and ber two adopied daughters Gabby (20) and Lile (10) She works hard to support her family all yew Both giels lived with her the entire year.During 2018 Gabby earned $25,000 from her job as a counselor which she used to support herseld Dr Warner has provided you with the following information and would like you to prepare ber 208 Tax Return n December of 2018, Dr. Wamer sold her home. She purchased the home for $300,000 in 2012 and sold the home for 5600,000 in January of 2018. She had lived in the home since the time of purchase G012) SSN# is 222-22-2222 and Lillie's SSNe is 222-22-2222. 2018. Point, Ohio, 45680) Her gross prolit from the business in 2018 was $$50,000 New address: 65 Township Road 1199, Chesapeake, Olo 45659. Her SSNe is 111-11-1111. Gably's Dr. Warner received life insurance proceeds of $125,000 when her mother passed away in September of Dr. Warmer is seld-employed and the owner of Warner's Pediatrics (Address 561 County Road 7-C, South Dr.Warner incurred the following expenses in conmection with her business o Paid her urses $200,000 o Reat on office space $30,000 o Medical supplies $50,000 o Penalties on late tax paryments of $5,500 o New X-Ray machine-made Section 179 Election-$16,000. o Business meals of $1,000 o Travel to a business conference $3,000 Dr. Wamer also worked part-time as a physician at a clink. The clinic sent her a W-2 that showed wages of $35,000, Sederal withholding of $12,000, Social Security tax of $3,500, Medicare tax of $1,500, and state withholding of $2,500 Dr. Warner personally owns some rental property. She had gross renital income of $35,000. Dr. Warner incurred the following expenses associated with her rental properties o Depreciation of $15,000 o Mortgage interest of $10,500 o Property taxes ofS5,500 o Repairs of $12,750. o Pest control of $3,000. o Maintenance of $3,500. She has a CD at the local bank which paid her interest of $4,500 She also received $6,000 worth of nterest from a municipal bond Her Dad gave her a gift of $12,000 for her 40 birthday She paid $25,000 of mortgage interest (acquisition indebtedsess) on her personal residence and 56,300 of real estate taxes on her personal residence. She made charitable contributions of 10,500 She sold a jet ski that she used personally at a loss of $2,000. She had owned the jet siki for 3 years Dr. Waner paid ber spouse alimony of $15,500. They were divorced in 2015 She made federal estimated tax payments of $12,600 Dr. Warner sold some AT& Tstock she had held for 6 years at a gain of $10,400. (This is a long-tm capital gain, but ignore preferential rates She had unreimbursed medical expenses of $25,500 Assume she qualifies foe the Child Tax Credit of $2,000 for each eligible dependent.(lpnoe AGI Phase Outs) take 20% of her net profit Schedule C.) W2 and the additional Medicare Tax for high income individuals She wants to take the QBI deduction if her business qualifies (Ifher business qualifies for the deduction She wants you to calculate her SE Tax. (Use the 4 steps discussed in class. Ignore the information on her 040 odudul co12018 Step by Step Solution
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