Danae Coleman is single and lives at 5411 Melbourne Avenue, Chicago, IL 60455. She is a supervisor
Question:
Danae Coleman is single and lives at 5411 Melbourne Avenue, Chicago, IL 60455. She is a supervisor and her SSN is 412-34-5670. Using the following information, complete her tax return for 2017:
Kimber Company W-2: | |||
Gross | $ | 90,000 | |
Social security tax | 5,580 | ||
Medicare tax | 1,305 | ||
Federal withholding tax | 17,300 | ||
State withholding tax | 2,700 | ||
Lee Company W-2: | |||
Gross | $ | 22,500 | |
Social security tax | 1,395 | ||
Medicare tax | 326 | ||
Federal withholding tax | 2,300 | ||
State withholding tax | 600 | ||
Danae has the following itemized deductions: | |||
Real estate tax | $ | 7,633 | |
Mortgage interest | 8,445 | ||
Charitable contributions | 3,000 | ||
Danae has the following investments: | |||
1099-INT (Bank 1) | $ | 2,510 | |
1099-DIV (Stock 1) | |||
Ordinary dividends | 2,389 | ||
Qualified dividends | 1,963 | ||
Capital gain distribution | 4,711 | ||
2016 short-term loss carryover | (1,000 | ) | |
Danae received a gift of 2,000 shares of FNP Inc. stock from her Aunt Jane on January 19, 2017. The basis of the shares to Aunt Jane was $4,300, and they had an FMV of $4,600 on the date of the gift. Aunt Jane purchased the stock on December 30, 2015. On June 30, 2017, Danae sold all the shares for $6,000.
Danae is an avid stamp collector and purchased a rare stamp on March 20, 2007, for $4,000. She sold the stamp for $6,000 on April 8, 2017.
Prepare Form 1040 and all related schedules, forms, and worksheets for 2017. Danae does not donate to the presidential election campaign. Danae is a manager at Kimber Company and had qualifying health care coverage at all times during the tax year.
Use the appropriate Tax Tables.
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen