Business
Business, 08.02.2021 18:40, naeaamm6981

Julie Anderson is a single parent and lives with her dependent daughter Alice who is 17-years old. Julie is a project manager and her W-2 wage is $75,200. Julie's father passed away on April 14. She inherited cash of $50,000 from her father and his baseball card collection, valued at $2,000. Every year she also receives interest income from a trust fund, which does not invest in municipal bondsor other tax-exempt securities. She took the standard deduction on her 2018 federal tax return. Her 2019 filing status is head of household. She also has the following items for 2019:Interest income from the trust fund……. $2,000Ordinary dividend income$500(All the dividends are qualified for the 15% tax rate)She also bought 50 shares Apple Inc. stock (AAPL) when the price was $100 per share. AAPL's market closing price for December 2019 is $250 per share. During the year she went to Vegas and won $ 1,300 in a poker game. However, she lost $2,000 at other casinos. She also provided the following information:Illinois state income tax refund………….. $ 250Federal income tax refund……………… $2,400Child support from her ex-husband…….. $6,000Alimony payment from her ex-husband. Their divorce was finalized on August 15, 2019…..$12,000During the year she received $4,000 insurance payout from AFLAC due to a temporary disability. She bought the insurance policy herself. In addition, she also provided the following information:State income tax withheld from her paycheck…………………. .$ 3,200Federal income tax withheld from her paycheck………………. $ 9,000Social security tax paid as an employee $ 5,640Home mortgage loan interest………………… $ 5,500Real estate tax on her house………………… $ 4,000Personal-use car loan interest……………….. $ 2,000She also paid $2,000 of qualified student loan interest. Ms. Anderson had a medical procedure and incurred qualified medical costs of $30,000. Her health insurance policy pays 80% of the medical cost and Julie paid the remaining 20% out of her own pocket. Her car was completely damaged in hurricane Hana, a federally declared natural disaster. Before the disaster the car has a fair market value of $12,000. She bought the car for $25,000 when it was new. Schedule A LIne 4 (Medical and Dental) ?Schedule A Line 15 (Deductible Casualty Loss)?Schedule-A Total Itemized Deductions ?

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Julie Anderson is a single parent and lives with her dependent daughter Alice who is 17-years old. J...

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