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This question will be sent to your Instructor for grading. Read the following letter and help Shady Slim with his tax situation. Assume that
This question will be sent to your Instructor for grading. Read the following letter and help Shady Slim with his tax situation. Assume that gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2021 To the friendly student tax preparer: HI, It's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more Information from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know. I had to move this year after getting my job at Roca Cola. I moved on February 3 of this year, and I worked my job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost us $65 (I love Super 8!). Can you belleve I'm still paying off my student loans, even after 15 years? I paid a total of $900 in Interest on my old student loans this year. Since Roca Coca (my employer) never started a retirement plan, I decided I should probably start saving for my golden years. I contributed $3,000 to what the bank referred to as a regular IRA (or was it a REM?). Oh yeah. I also did a little Investing this year. I bought a limited partnership Interest In Duds Ltd. for $10,000. I thought it was going to be a real winner, but this year they took a bath. My portion of the loss was $8,000. Well, at least I did not actually do any work for Duds, and I get the tax deduction - right? That should be all the Information you need right now. Comprehensive Problem 6-65 Part b-1 [MUST MANUALLY GRADE] (Static) b-1. Complete page 1 of Form 1040 (through line 8b). Download the Tax Form and enter the required values in the appropriate fields. Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate flelds. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2020 tax rules regardless of year on the form.) S Prev 2 3 of 3 Next >
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