Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court,
Question:
Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor and his W2 for 2017 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. He has $17,147 of federal withholding and $2,595 in state withholding. Jorge does not itemize. He had the following stock transactions for the year:
Stock Shares | Date Purchased | Date Sold | Sale Price | Cost Basis | |||||||
5,500 |
| 7/8/16 |
|
| 9/21/17 |
| $ | 15,000 |
| $ | 18,000 |
800 |
| 3/12/17 |
|
| 10/21/17 |
|
| 43,000 |
|
| 47,000 |
2,800 |
| 2/13/10 |
|
| 10/21/17 |
|
| 30,000 |
|
| 22,000 |
He also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in ordinary dividends, of which $1,350 are considered qualified dividends.
Prepare a 2017 Form 1040 for Jorge and all related schedules and forms. Jorge had qualifying health care coverage at all times during the tax year.
Use the appropriate Tax Tables.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st edition
Authors: Gerald E. Whittenburg , Martha Altus Buller, Steven L Gill