Question

Bea Jones (age 32) moved from Texas to Florida in December 2013. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea’s Social Security number is 466­78­7359 and she is single. Her earnings and income tax withholding for 2014 for her job as a manager at a Florida shrimp processing plant are:
Earnings from the Gulf Shrimp Co.............. $42,000
Federal income tax withheld............... 7,800
State income tax withheld................ 0
Bea’s other income includes interest on a savings account at Beach National Bank of $2,200 and $600 per month alimony from her ex-husband.
During 2014, Bea paid the following amounts (all of which can be substantiated):
Home mortgage interest.............. $9,700
Auto loan interest................ 2,300
Property taxes on personal residence........ 3,200
Unreimbursed hospital bills............. 3,200
Doctor bills.................. 2,550
Other medical expenses.............. 720
Income tax preparation fee............ 600
Job hunting expenses............... 925
Union dues................... 800
In July 2014, someone broke into Bea’s house and stole a diamond ring. The diamond ring had a fair market value of $10,000 and a tax basis to Bea of $7,600. The ring was uninsured.
Required:
Complete Bea’s federal tax return for 2014. Use Form 1040, Schedule A, Schedule B, and Form 4684, from Pages 5­55 through 5­59 to complete this tax return. Make realistic assumptions about any missing data.


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  • CreatedJuly 16, 2015
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