During 2 0 2 3 , Paul, a 6 6 - year - old single taxpayer, whom
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Question:
During Paul, a yearold single taxpayer, whom is a professor at BMCC reports the following items to his taxpreparer:
Salary
Federal Tax withholding
Ordinary Dividends from Alta Corporation
Interest income from a savings account at Chase Bank
Earned Interest of from a NYS Municipal Bond.
Business income from selfemployment,
Expenses incurred with the Business income,
Net LongTerm capital losses
Alimony received from former wife divorced July
Contributions to his Traditional IRA,
Educator expenses of
Gambling winnings
Gambling losses
Child support payments received
Interest earned on Series EE Bonds
Loaned her sister and received
Found in the laundry room
Received life insurance proceeds from dead grandmother.
Borrowed from Chase Bank
Gifted a homeless family,
Volunteered with NYC Food Bank and received a tip of
Received a debt cancellation from American Express,
Instructions:
A Prepare a list of Gross Income items included for Pauls tax return.
B Prepare Pauls Adjusted Gross Income
C Whats Pauls Standard Deduction?
Related Book For
Thomas Calculus Early Transcendentals
ISBN: 9780321884077
13th Edition
Authors: Joel R Hass, Christopher E Heil, Maurice D Weir
Posted Date: