Question

Steve Jackson (age 51) is a single taxpayer living at 3215 Pacific Dr., Del Mar, CA 92014. His Social Security number is 465-88-9415. In 2014, Steve’s earnings and income tax withholding as the manager of a local hotel are:
Earnings from the Ocean View Hotel............ $120,000
Federal income tax withheld................. 18,500
State income tax withheld................. 9,000
Steve’s other income includes interest from General Electric bonds of $2,500 and interest on a savings account at Wells Fargo Bank of $3,190. Also, Steve received tax-exempt interest of $29,200 on private activity bonds that is subject to alternative minimum tax.
During the year, Steve paid the following amounts (all of which can be substantiated):
Home mortgage interest............... $31,700
Credit card interest................ 1,760
Auto insurance................. 900
State income taxes paid in 2014 (for 2012 audit)...... 12,540
Property taxes on personal residence.......... 6,200
Kaiser HMO premiums................ 4,800
Other medical expenses............... 790
CPA fees paid to handle 2012 state audit........ 7,000
Charitable contributions:
Girl Scouts.................... 800
San Diego State University (contribution)....... 10,000
Italian Red Cross................ 250
Required:
Complete Steve’s federal tax return for 2014. Use Form 1040, Schedule A, Schedule B, and Form 6251, on Pages 6-59 through 6-64. Make realistic assumptions about any missing data.


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  • CreatedJuly 16, 2015
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